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Market Socialism
Title: Market Socialism
Category: History
Details: Words: 670 | Pages: 2.9 (approximately 235 words/page)
Market Socialism
In 1978, Deng Xiaoping opened the Chinese economy to increased foreign trade and investment. Under growing pressure from the international community, the bureaucracy under Deng moved towards economic reforms. This move towards capitalism was, in the words of Deng, “socialism with Chinese characteristics.”
“Market socialism” is best described as a demand economy with centralized control. This hybrid system has been the impetus for the revitalization of the Chinese economy. Superficially, this system may be deemed a …showed first 75 words of 670 total…
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…showed last 75 words of 670 total…the Chinese Communist Party allows the present economic reforms to continue unimpeded, massive unemployment, inflation, and social unrest may occur. This could trigger a movement of the working class in China. On the other hand, if the Chinese Communist Party attempts to curve capitalism via tighter central economic controls, it runs the risk of repudiating Deng’s model of “market socialism.” Only time will tell if China can continue to walk this precarious economic tightrope.
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