Modes of Production in China (PRC) INTRODUCTION This research provides an a

SOCIALIST ECONOMIC CONCEPTS, AND CHINA

At the theoretical level, Marxist economics is relatively close to classical economics. Classical economics represented the prevailing economic theory at the time Marx formulated his original principles. Karl Marx adapted classical economic theory, and, through the ensuing years, particularly since the creation of the Soviet Union, laterday Marxist economists have further refined the theory.

Karl Marx, in his writings related to economics, contri bited several insights to the study of economics. First, Marx perceived that economic phenomena did not exist within a static equilibrium (Spiegel, 1952). The theories of Karl Marx also marked a significant departure from many of his contemporary economists, when he divorced the concept of value from land and other natural resources (Tucker, 1978). Marx built on the Ricardian theory that labor inputs created value. Karl Marx, however, felt that labor inputs were the sole determinants of

1 2value. This approach remains as a primary tenet of Marxist economic thought (Blaug, 1988). There exists, however, a great deal of controversy over the concept, even among Marxist economists.

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ion quotas continue to be established, and must still be met. These quotas are designed to insure that basic food supplies continue to be available for Chinese cities. Under the responsibility system, however, each Chinese farm family is granted a small plot, which they are permitted to cultivate for their own benefit. The primary responsibility of each farm family continues to be the fulfillment of its commune production quota. Once the family quota is met, however, all production from family plots may be sold on the open market, at prices established by the market. The goal of the responsibility system is an increase in incentive for farm families, which, it is hoped, will be translated into an overall increase in agricultural productivity in the PRC. During the first decade of the plan, it has been well received by farm families, and overall agricultural production has increased significantly. Unfortunately, significant prices increases also occurred in the open market, and this change was not widely welcomed in the urban areas. The responsibility system is the vehicle by which China hopes to become a major net food exporter, as opposed to a net food importer. The responsibility system, however, is but a compone
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Some common words found in the essay are:
Deng Xiaoping', Karl Marx, China PRC, Kong China, SUMMARY OUTLOOK, DEVELOPMENT PRC, Hu Yaobang, Additionally Chinese, Red Guard, Traditionally Chinese, responsibility system, economic theory, foreign participation, marxist economic, government prc, chinese commercial, commercial law, mode production, chinese commercial law, industrial enterprises, asiatic mode, marxist economic theory, minimum production quotas, asiatic mode production, foreign business entities,
Approximate Word count = 3672
Approximate Pages = 15 (250 words per page)

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