Chinese Market Mechanism: A Controversial Debate

Thierry Pairault ()
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Thierry Pairault: CCJ - Chine, Corée, Japon - EHESS - École des hautes études en sciences sociales - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique

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Abstract: The points made in works of Engels and Stalin on the ‘law of value' under socialism remind us of the problem of the law of value's relationship to commodity production under socialism, to market mechanisms, to planning. A useful bit of conceptual clarity was proposed by W. Brus who argued that the major economic decisions concerned with macroeconomics and economic growth need a degree of centralization; market forces can assist plan implementation in the circulation of agricultural and light industrial goods. Chen Yun stood for a wider role for market forces and decentralized decision-making. In the 1950s and again in 1979 he gained a good deal of support from the Deng faction. However the need for an adjustment policy of restricting the dominance of heavy industry and capital construction works led after December 1980, not to a deepening of economic reform but to the growing strength of centralizers like Li Xiannian supported by the military for their own ends.

Keywords: China; market mechanism; Chine; mécanisme du marché (search for similar items in EconPapers)
Date: 1983
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Published in World Development, 1983, 11 (8), pp.639-645

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01185950

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