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China's Approach to Social Market Economics: The Chinese variant of Market Socialism Seeks to Escape from the Difficulties of Central Command Planning

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  • Siegfried G. Karsten

Abstract

. The paradigm of a social market economy provides a rational basis for resolving structural socioeconomic changes, as presently evidenced in the People's Republic of China. China's approach to socioeconomic change, labeled as “Socialism with Chinese Characteristics,” resembles a modified version of Eucken's paradigm of a social market economy.1 The Chinese paradigm, leaning on that of Walter Eucken, provides for a “limited”free market, which not only accommodates economic growth and change, but which also makes allowance for some degree of human, especially economic freedom, and dignity. Eucken's model is based on a sound institutional and legal framework which he considered to be essential for a viable modern market economy. China's new socioeconomic program is moving the country in this direction. It takes into account people's desire for a useful and Just socioeconomic order (however defined), characterized by stable socioeconomic and political policies and by a flexible price mechanism, to enable them to live a life in dignity, free of economic deprivation.

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  • Siegfried G. Karsten, 1988. "China's Approach to Social Market Economics: The Chinese variant of Market Socialism Seeks to Escape from the Difficulties of Central Command Planning," American Journal of Economics and Sociology, Wiley Blackwell, vol. 47(2), pages 129-148, April.
    • Handle: RePEc:bla:ajecsc:v:47:y:1988:i:2:p:129-148
    DOI: 10.1111/j.1536-7150.1988.tb02018.x
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    Cited by:

    1. G. Venkat Raman, 2006. "Decentralisation as a Developmental Strategy in China," China Report, , vol. 42(4), pages 369-384, November.

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