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China’s Transformation towards Capitalism

In: Varieties of Capitalism in Post-Communist Countries

Author

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  • Jeanne Wilson

Abstract

Since embarking on a programme of economic reform in late 1978, China has moved, albeit in an incremental fashion with periodic stops and starts, towards market capitalism. In 1993 the Chinese Communist Party (CCP) deleted the description of China as a planned economy under public ownership from the state constitution, proclaiming it a ‘socialist market economy’. Further amendments legitimated the ownership rights of private entrepreneurs (1999) and the sanctity of private property (2004). In a related development, entrepreneurs were granted the right to join the CCP in 2002. While China undoubtedly constitutes an example of economic transformation from the Soviet-style planning system, its experience must be distinguished from that of its former socialist brethren. First, most obviously, China was one of the few remaining examples, at least ostensibly, of a Marxist-Leninist state, governed by a Communist Party. Secondly, China was still, despite a record of remarkable growth, a developing economy, setting it apart from the states of Eastern Europe and the more industrialized states of the former Soviet Union.

Suggested Citation

  • Jeanne Wilson, 2007. "China’s Transformation towards Capitalism," Studies in Economic Transition, in: David Lane & Martin Myant (ed.), Varieties of Capitalism in Post-Communist Countries, chapter 12, pages 239-257, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-62757-4_13
    DOI: 10.1057/9780230627574_13
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    Cited by:

    1. ten Brink, Tobias, 2010. "Strukturmerkmale des chinesischen Kapitalismus," MPIfG Discussion Paper 10/1, Max Planck Institute for the Study of Societies.

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