Contents of the volume

2021, Volume 74 - Issue 2

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 24 May 2021

ECONOMIC RESTRUCTURING AND SOCIALIST CONSTRUCTION IN CHINA: 1950-1978

Abdol B. Soofi

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SOVEREIGN DEBT AND ECONOMIC GROWTH NEXUS IN ZIMBABWE: A DYNAMIC MULTIVARIATE CAUSALITY TEST

Talknice Saungweme, Nicholas M. Odhiambo

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A PANEL SVAR ANALYSIS OF THE LONG-RUN ECONOMIC IMPACTS OF MIGRATION

Romano PIRAS, Ivan Etzo, Carla Massidda, Paolo Mattana

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FREE FACTOR UNEMPLOYMENT

Paul Oslington

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EFFECTS OF MONETARY POLICY DECISIONS ON PROFESSIONAL FORECASTERS' EXPECTATIONS AND EXPECTATION UNCERTAINTY

Matti Viren, Sami Oinonen

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Genoa Chamber of Commerce
Economia Internazionale / International Economics

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Corresponding author

Abdol B. SOOFI, University of Wisconsin-Platteville, Wisconsin, USA

Economic Restructuring and Socialist Construction in China: 1950-1978

Pages

141-172

Abstract

This paper deals with economic policies, development, and the restructuring of China’s economy during the 1953-1978. It reviews problems of misallocation of resources in the heavy, light, and agricultural industries, which led to the adoption of the economic restructuring policy of Four Modernizations: agriculture, industry, national defense and science, and technology. However, in the early 1960s, the planners realized prioritizing investment in heavy industries, at the expense of the light industries and agriculture had created the problem of sectoral imbalances, which were caused by the deviations of prices from the values of commodities. Imbalances among the economic sectors in China in the 1960s and 1970s led to shortages of consumer goods, and surpluses of capital and intermediate goods.  Several leading Party economic theoreticians theorized that price controls, production quotas, and administrative control of enterprises broke the links between the production and circulation spheres of commodities, which caused a failure of the law of value.


 

 

JEL classification

N15, O53, P11, P21

Keywords

Economic Restructuring, the Law of Value, China’s Central Economic Planning, Economic Reforms

Index

  1. Introduction
  2. The guideline for socialist construction and economic restructuring
  3. Reasons for the emergence of economic inefficiencies and the need for economic restructuring
  4. Central planning and industrialization in China
  5. Economic problems of central planning and the economic reforms
  6. Economic reforms and "opening-up"
  7. Summary and conclusion

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