Economic Reform in China

Bela Balassa
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Bela Balassa: The Johns Hopkins University

Chapter Essay 14 in Change and Challenge in the World Economy, 1985, pp 310-336 from Palgrave Macmillan

Abstract: Abstract After the Second World War, the newly-established socialist states of Asia and Europe adopted, with few modifications, the system of centralized physical planning practised in the Soviet Union. Under this system, the authorities set output targets, material allocation, employment, and other objectives for the producing units and determined the pattern of investment, exports, and imports. The principal targets were established in physical terms, with prices serving chiefly an accounting function.1

Keywords: Interest Rate; Realistic Exchange Rate; Socialist Country; Light Industry; World Market Price (search for similar items in EconPapers)
Date: 1985
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DOI: 10.1007/978-1-349-17991-6_14

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