From command-and-control to reform: 1949–1978

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Chapter 2 in The Institutional Evolution of China, 2018, pp 23-43 from Edward Elgar Publishing

Abstract: In this period, the government controlled and operated the economy under the Soviet-style planned system. Only a small portion of consumer products were sold to households through the market. The chapter reviews the organisational structures and operating mechanism of this system, including the ‘lines’ and ‘blocks’. These structures, along with the mechanism, were the precursors of the current Chinese society, and some of them remain in the existing bureaucratic-market structure. The chapter reviews the political system, the planning system, collective farming in the rural area, urban enterprise, urban and rural households, and the financial system during the planned period. The main problems of a planned system are related to information and incentives. Shocks from the political turmoil during this period, especially the Cultural Revolution, hurt every person in Chinese society and led to a consensus on the need for reform.

Keywords: Asian Studies; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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