Can Plan and Market Coexist in a Socialist Economy?

Dai Yuanchen

Chinese Economy, 1992, vol. 25, issue 4, 60-78

Abstract: The reform of the socialist economic system, viewed from the perspective of economic mechanisms, must be market-oriented reform. The past several decades in China have proven that trying to encompass all economic activities within a single plan designed to manage and control everything, will only end in failure. With such planning, the range and variety of commodities supplied by the market are reduced to a minimum. Thus, although people feel differently about the market, as long as they admit that the socialist economic system must be reformed, the contents of reform always move more or less toward the market, and attempt to accommodate both the plan and the market.

Date: 1992
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