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Dual-track Economy
A dual-track system is an economic system in which the government controls key sectors of the economy, while allowing private enterprise limited control over the other sectors. In China, the government followed dual-track pricing until abolished in November 1989, known as "''shuangguizhi''" in Chinese. State-controlled (planned) prices, which were lower, accompanied the market prices, which were higher. This was done to ensure stability and gradual opening of markets (instead of a "big bang" strategy of sudden transformation to capitalism that was attempted in Eastern Europe and Russia). However, to provide incentive to the State-owned Enterprises, government allowed selling of the products at market prices after the planned targets had been met.Barry Naughton, "The Chinese Economy" (MIT Press, 2007) See also *Chinese economic reform *Socialist market economy *Market socialism *Socialism with Chinese characteristics *Xi Jinping Thought References {{Reflist Economic systems ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic System
An economic system, or economic order, is a system of Production (economics), production, resource allocation and Distribution (economics), distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of Consumer, consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mixed govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Enterprise
A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is offered, owned, traded, exchanged privately, or over-the-counter. In the case of a closed corporation, there are a relatively small number of shareholders or company members. Related terms are closely-held corporation, unquoted company, and unlisted company. Though less visible than their publicly traded counterparts, private companies have major importance in the world's economy. In 2008, the 441 largest private companies in the United States accounted for ($1.8 trillion) in revenues and employed 6.2 million people, according to ''Forbes''. In 2005, using a substantially smaller pool size (22.7%) for comparison, the 339 companies on ''Forbes'' survey of closely held U.S. businesses sold a trillion dollars' worth of goods and services ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chinese Economic Reform
The Chinese economic reform or reform and opening-up (), known in the West as the opening of China, is the program of economic reforms termed " Socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC). Led by Deng Xiaoping, often credited as the "General Architect", the reforms were launched by reformists within the Chinese Communist Party (CCP) on December 18, 1978, during the "Boluan Fanzheng" period. The reforms went into stagnation after the military crackdown on 1989 Tiananmen Square protests, but were revived after Deng Xiaoping's Southern Tour in 1992. In 2010, China overtook Japan as the world's second-largest economy by nominal GDP and in 2017 overtook the United States by becoming the world's largest economy by GDP (PPP). Prior to the reforms, the Chinese economy was dominated by state ownership and central planning. From 1950 to 1973, Chinese real GDP per capita grew at a rate of 2.9% per year on average, albei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialist Market Economy
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is a market economy with the predominance of public ownership and state-owned enterprises. The term "socialist market economy" was introduced by Jiang Zemin during the 14th National Congress of the Chinese Communist Party (CCP) in 1992 to describe the goal of China's economic reforms. Originating in the Chinese economic reforms initiated in 1978 that integrated China into the global market economy, the socialist market economy represents a preliminary or "primary stage" of developing socialism. Some commentators describe the system as a form of "state capitalism", while others describe it as an original evolution of Marxism, in line with Marxism–Leninism similar to the "New Economic Policy" of the Soviet Union, adapted to the cohabitation with a globalized capitalist system. Description The economic reform toward a sociali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Socialism
Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy, or one that contains a mix of worker-owned, nationalized, and privately owned enterprises. The central idea is that, as in capitalism, businesses compete for profits, however they will be "owned, or at least governed," by those who work in them. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production. Depending on the specific model of market socialism, profits generated by socially owned firms (i.e., net revenue not reinvested into expanding the firm) may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed amongst the population in a social dividend. Market socialism is not exclusive, but can be distinguished from the concept of the mixed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialism With Chinese Characteristics
Socialism with Chinese characteristics ( zh, s=中国特色社会主义, hp=Zhōngguó tèsè shèhuìzhǔyì) is a set of political theories and policies of the Chinese Communist Party (CCP) that are seen by their proponents as representing Marxism–Leninism adapted to Chinese circumstances and specific time periods, consisting of Deng Xiaoping Theory, Three Represents (Jiang Zemin), Scientific Outlook on Development ( Hu Jintao), and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. In this view, Xi Jinping Thought is considered to represent Marxist–Leninist policies suited for China's present condition while Deng Xiaoping Theory was considered relevant for the period when it was formulated. The term entered common usage during the era of Deng Xiaoping and was largely associated with Deng's overall program of adopting elements of market economics as a means to foster growth using foreign direct investment and to increase productivity (especially ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Xi Jinping Thought
Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, commonly abbreviated outside China as Xi Jinping Thought, is a set of policies and ideas derived from the writings and speeches of Chinese Communist Party general secretary Xi Jinping. It was first officially mentioned at the 19th National Congress of the Chinese Communist Party in 2017, in which it was incorporated into the Constitution of the Chinese Communist Party. At the First Session of the Thirteenth National People's Congress on 11 March 2018, the preamble of the Constitution of the People's Republic of China was amended to mention Xi Jinping Thought. It has been officially described by the CCP as the "Marxism of contemporary China and of the 21st century". History and development The first official mention of the term was at the 19th National Congress of the Chinese Communist Party having gradually been developed since 2012, when Xi became General Secretary of the Chinese Communist Party ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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