Market socialismMarket socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy. Various models for such a system exist, usually involving some mix of public, cooperative, 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.
Chinese economic reformThe Chinese economic reform or Chinese economic miracle, also known domestically as Reform and Opening-up (), refers to a variety of economic reforms termed "socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC) that began in the late 20th century. Guided by Deng Xiaoping, who is often credited as the "General Architect", the reforms were launched by reformists within the ruling Chinese Communist Party (CCP) on December 18, 1978, during the "Boluan Fanzheng" period.
Socialist economicsSocialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit. Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism.
Economy of ChinaChina has an upper middle income developing mixed socialist market economy that incorporates industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP). Due to a volatile currency exchange rate, China's GDP as measured in dollars fluctuates sharply. China accounted for 18.6% of global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022.
DirigismeDirigisme or dirigism () is an economic doctrine in which the state plays a strong directive (policies) role, contrary to a merely regulatory interventionist role, over a market economy. As an economic doctrine, dirigisme is the opposite of laissez-faire, stressing a positive role for state intervention in curbing productive inefficiencies and market failures. Dirigiste policies often include indicative planning, state-directed investment, and the use of market instruments (taxes and subsidies) to incentivize market entities to fulfill state economic objectives.
New Economic PolicyThe New Economic Policy (NEP) (Новая экономическая политика (НЭП)) was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, both subject to state control", while socialized state enterprises would operate on "a profit basis". The NEP represented a more market-oriented economic policy (deemed necessary after the Russian Civil War of 1918 to 1922) to foster the economy of the country, which had suffered severely since 1915.
Indicative planningIndicative planning is a form of economic planning implemented by a state in an effort to solve the problem of imperfect information in market economies by coordination of private and public investment through forecasts and output targets. The resulting plans aim to supply economically valuable information as a public good that the market by itself cannot disseminate, or where forward markets are nonexistent. However, indicative planning takes only endogenous market uncertainty into account, plans the economy accordingly, and does not look into exogenous uncertainty like technology, foreign trade, etc.
Market economyA market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
Socialist-oriented market economyThe socialist-oriented market economy (Vietnamese: Kinh tế thị trường định hướng xã hội chủ nghĩa) is the official title given to the current economic system in the Socialist Republic of Vietnam. It is described as a multi-sectoral market economy where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing socialism. The socialist-oriented market economy is a product of the Đổi Mới economic reforms which led to the replacement of the centrally planned economy with a market-based mixed economy based on the predominance of state-owned industry.
Revolutions of 1989The Revolutions of 1989, also known as the Fall of Communism, was a revolutionary wave of liberal democracy movements that resulted in the collapse of most Marxist–Leninist governments in the Eastern Bloc and other parts of the world. Sometimes this revolutionary wave is also called the Fall of Nations or the Autumn of Nations, a play on the term Spring of Nations that is sometimes used to describe the Revolutions of 1848 in Europe.
Mixed economyA mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism. While there is no single definition of a mixed economy, one definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets.
Contemporary historyContemporary history, in English-language historiography, is a subset of modern history that describes the historical period from approximately 1945 to the present. Contemporary history is either a subset of the late modern period, or it is one of the three major subsets of modern history, alongside the early modern period and the late modern period. In the social sciences, contemporary history is also continuous with, and related to, the rise of postmodernity.
Nordic modelThe Nordic model comprises the economic and social policies as well as typical cultural practices common in the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). This includes a comprehensive welfare state and multi-level collective bargaining based on the economic foundations of social corporatism, and a commitment to private ownership within a market-based mixed economy — with Norway being a partial exception due to a large number of state-owned enterprises and state ownership in publicly listed firms.
Xi JinpingXi Jinping (; born 15 June 1953) is a Chinese politician who has been serving as the general secretary of the Chinese Communist Party (since 2012), chairman of the Central Military Commission (CMC, since 2012) and the president of the People's Republic of China (PRC, since 2013). He is the fifth paramount leader of the PRC since its foundation in 1949. The son of Chinese Communist veteran Xi Zhongxun, Xi was exiled to rural Yanchuan County as a teenager following his father's purge during the Cultural Revolution.
Đổi MớiĐổi Mới (ɗo᷉i mə̌ːi; ) is the name given to the economic reforms initiated in Vietnam in 1986 with the goal of creating a "socialist-oriented market economy". The term đổi mới itself is a general term with wide use in the Vietnamese language meaning "innovate" or "renovate". However, the Đổi Mới Policy (Chính sách Đổi Mới) refers specifically to these reforms that sought to transition Vietnam from a command economy to a socialist-oriented market economy.
Production for useProduction for use is a phrase referring to the principle of economic organization and production taken as a defining criterion for a socialist economy. It is held in contrast to production for profit. This criterion is used to distinguish communism from capitalism, and is one of the fundamental defining characteristics of communism. This principle is broad and can refer to an array of different configurations that vary based on the underlying theory of economics employed.
State capitalismState capitalism is an economic system in which the state undertakes business and commercial (i.e. for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor). The definition can also include the state dominance of corporatized government agencies (agencies organized along business-management practices) or of public companies such as publicly listed corporations in which the state has controlling shares.
Economic systemAn economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of 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.
MarxismMarxism is a method of socioeconomic analysis that uses a materialist interpretation of historical development, better known as historical materialism, to understand class relations and social conflict and a dialectical perspective to view social transformation. It originates from the works of 19th-century German philosophers Karl Marx and Friedrich Engels. As Marxism has developed over time into various branches and schools of thought, no single, definitive Marxist theory exists.
Beijing ConsensusThe Beijing Consensus (北京共识) or China Model (中国模式), also known as the Chinese Economic Model, is the political and economic policies of the People's Republic of China (PRC) that began to be instituted by Deng Xiaoping after Mao Zedong's death in 1976. The policies are thought to have contributed to China's "economic miracle" and eightfold growth in gross national product over two decades.
