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Economic Reforms in PRC

The Peoples Republic of China (PRC) came into being on the first of October 1949.1 For most of the first three decades of its existence, the country adhered strictly to Marxist theory in the management of its domestic economy. Although market economic theory was denounced by Mao Ze Dung as being the "capitalist road,"2 however, this position did not deter the PRC from, initially, following a relatively liberal economic policy with respect to international trade.

In the beginning, the PRC was prepared to deal with all other countries, regardless of political orientation, so long as those dealings were mutually beneficial, and without political strings attached. As time passed, and as western countries, particularly the United States, tended to shun economic intercourse with China, however, the PRC came to rely more heavily on other socialist countries for its international trading needs. The government of the PRC also became more concerned with preserving Marxist economic ideology than with expanding trade with non Marxist countries.

When Chairman Mao died, and the last of the Red Guard influence was purged from the Chinese political environment, however, a government with more pragmatic economic views gained power in the PRC. In 1978, this new government initiated a

1J. Paxton, (Ed), The Statesman's YearBook 19901991 (New York: St. Martin's Press, 1990), 387.

2S. Feuchtwang, and A. Hussain, "Introduction," in S. Feuchtwang, and A. Hussain, (Eds.), The Chinese Economic Reforms. London: Croom Helm, 1983, 1.

series of economic changes in the country, which were referred to as readjustments. These economic readjustments, which continued to be expanded through the spring of 1989, brought about significant changes in the structure and the management of the Chinese domestic economy.

In mid1989, the popular uprising in Beijing and the government's crushing of that uprising before the television cameras of the w...

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Economic Reforms in PRC. (1969, December 31). In LotsofEssays.com. Retrieved 15:00, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1691540.html