The socialist market economy is the economic model employed by the People's Republic of China. It is based on state-owned enterprises and an open-market economy, and has its origins in Deng Xiaoping's political platform of socialism with Chinese characteristics (simplified Chinese: 中国特色社会主义; traditional Chinese: 中國特色社會主義; pinyin: Zhōngguótèsè shèhuìzhǔyì) and Reform and Opening (simplified Chinese: 改革开放; traditional Chinese: 改革開放; pinyin: Gǎigé Kāifàng). This economic system replaced the Soviety-type centrally-planned economy after the Chinese economic reforms starting in 1978. Despite its formal title, this system has been widely cited as a form of state capitalism.
Other articles related to "socialist market economy, socialist, economy, socialist market, market economy, market":
... A socialist market economy refers to the economic systems adopted by the People's Republic of China and Socialist Republic of Vietnam ... exists alongside the state sector of the economy, but plays a secondary role usually relegated to the service sector and production of consumer goods ... Examples of socialist market economies include Socialist market economy with Chinese Characteristics and Socialist-oriented market economy ...
... the official designation of "socialism", analysts often describe the Chinese economy as a form of state capitalism ... at the DePaul University finds that the Chinese economy does not constitute a form of socialism when socialism is defined as a planned economy where production for use has replaced ... capitalism is not the dominant mode of organization in the Chinese economy, suggesting it is a partially pre-capitalist, agrarian system where almost 50% of its ...
... and system characteristics—such as commodity production for the market, the existence of a private sector and the reliance of the profit motive in enterprise management—were ... The CPC still considers private ownership to be non-socialist ... aftermath of the war communism program is a good example of flexibility by socialist authorities ...
Famous quotes containing the words economy, socialist and/or market:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (18121870)
“I pass the test that says a man who isnt a socialist at 20 has no heart, and a man who is a socialist at 40 has no head.”
—William Casey (19131987)
“Forbede us thing, and that desiren we;
Preesse on us faste, and thanne wol we flee.
With daunger oute we al oure chaffare:
Greet prees at market maketh dere ware,
And too greet chepe is holden at litel pris.”
—Geoffrey Chaucer (1340?1400)