Who introduced the concept of the socialist market economy in 1978 in China?
Deng Xiaoping
In the Third Plenum of the 11th Chinese Communist Party Central Committee (CCPCC), held on December 18, 1978, Deng Xiaoping and his senior supporters took decisive control of the CCPCC.
What is the defining feature of socialism?
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and democratic control, such as workers’ self-management of enterprises. Social ownership can be public, collective, cooperative, or of equity.
What is the meaning of socialism in simple words?
1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods. 2a : a system of society or group living in which there is no private property.
What is meant by socialist market economy of China?
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 based on the predominance of public ownership and state-owned enterprises within a market economy. Many commentators describe the system as a form of state capitalism.
What are the five features of socialism?
Features of Socialism:
- (1) Public Ownership:
- (2) Central Planning:
- (3) Definite Objectives:
- (4) Freedom of Consumption:
- (5) Equality of Income Distribution:
- (6) Planning and the Pricing Process:
- (1) Greater Economic Efficiency:
- (2) Greater Welfare due to Less Inequality of Income:
Which queen introduced many reforms in China?
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.