Socialist Market Economy

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.

Similar though much less extensive reforms were undertaken in Vietnam, where the economic system is called the Đổi Mới (lit. "New Age", trans. "Renovation") or the socialist-oriented market economy.

Read more about Socialist Market Economy:  Description, History, Analysis

Other articles related to "socialist market economy, socialist, economy, socialist market, market economy, market":

Types Of Socialism - Market Socialism - Socialist Market Economy
... 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 ...
Socialist Market Economy - Analysis
... 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 ...
Chinese Socialism - Socialist Market Economy - Private Ownership
... 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 ...

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