| Chinas Economic Rise: History, Trends, Challenges, and Implications for the Uni Contributor(s): Morrison (Author) |
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ISBN: 150552590X ISBN-13: 9781505525908 Publisher: Createspace Independent Publishing Platform OUR PRICE: $15.19 Product Type: Paperback Published: January 2015 |
| Additional Information |
| BISAC Categories: - Political Science | Political Economy |
| Physical Information: 0.09" H x 8.5" W x 11.02" (0.28 lbs) 44 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: Prior to 1979, China, under the leadership of Chairman Mao Zedong, maintained a centrally planned, or command, economy. A large share of the country's economic output was directed and controlled by the state, which set production goals, controlled prices, and allocated resources throughout most of the economy. During the 1950s, all of China's individual household farms were collectivized into large communes. To support rapid industrialization, the central government undertook large-scale investments in physical and human capital during the 1960s and 1970s. As a result, by 1978 nearly three-fourths of industrial production was produced by centrally controlled, state-owned enterprises (SOEs), according to centrally planned output targets. Private enterprises and foreign-invested firms were generally barred. A central goal of the Chinese government was to make China's economy relatively self-sufficient. Foreign trade was generally limited to obtaining only those goods that could not be made or obtained in China. |