Property Rights, the Government, and the Marketization of the Economy

Yang Xiaowei

Chinese Economy, 1996, vol. 29, issue 5, 31-60

Abstract: In a sense, the process of constructing a socialist market economic system is the process of constructing markets and realizing the marketization of the economy itself. In essence, the market is itself a relationship of competition and cooperation among people that is formed in the course of their economic activities. In other words, it is a relationship of voluntary exchange among mutually independent and at the same time mutually opposed entities of interest. It is precisely because of the existence of such a mutually interactive relationship that the exchange of equal values and the price mechanism existing among such interrelated entities play a regulative role in the economic activity of society and affect the deployment of resources.

Date: 1996
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