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Economics of Asia - Essay Example

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Socialist market reforms were introduced by China around 1978 stimulating instant growth and development in the economy, which many saw as an attractive instrument for achieving growth, equitable distribution of goods and services, and democratic decision making in terms of…
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Economics of Asia
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Economics of Asia

Download file to see previous pages... As the authors point out, the reformation process was spurred by popular demands for change leading to a more ‘capitalist’ form of economy with Chinese attributes.
This form of capitalism was advocated by the higher Chinese elites who did not want to lose but perhaps wanted to expand their shares in the wealth of the country. It is explained that the move towards capitalism was driven more by greed although it monetarily benefitted the elites far more than before. The socialist economic policies of Mao’s era were characterized by centralized decision making, no private ownership of the means of production, large industries, and political control over the people through parties. Dissatisfaction with the ongoing political, social, and economic trends, the people demonstrated their anger and frustration as their social and economic life declined. Mao’s era of government played a vital role in paving the way for socialist reformation. The period saw increased production despite several large unrests in the country. Production output plunged dramatically although the agricultural relatively lagged behind in terms of its pace of development. Despite growth in production outputs and the overall economy, China still faced a lot of economic problems by the end of Mao’s era. Since the economic decision making was extremely centralized, the market could not efficiently and productively respond to the needs and wants of the people. While some goods were produced in large quantities, others were under-produced.
As Hart-Landberg argues, while China has experienced rapid and a remarkably high growth rate while maintaining its growth, its success cannot be considered in isolation with the wider aspects of its economic transformation process (35). While many countries may view the Chinese economic policies as a model for successful economic growth, the economic strategy of China should not be accounted ...Download file to see next pagesRead More
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