Price Reform: Law of Value and Inflation

Zhang Chang

Chinese Economy, 1991, vol. 24, issue 4, 34-45

Abstract: Soon after the riots of the Cultural Revolution, the central government finally realized the necessity of catching up with the rest of the world. Although science and technology were also included in what was desperately needing improvement, "capitalist" economic activities, long ignored before 1976, declined almost totally throughout the country. The new leadership was in a position to choose which direction China could take so that the living standard could be lifted practically, not ideally.

Date: 1991
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