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They concluded that China's contemporary economic system represents a form of capitalism rather than market socialism because: (1) financial markets exist which permit private share ownership—a feature absent in the economic literature on market socialism; and (2) state profits are retained by enterprises rather than being distributed among ...
State capitalism is an economic system in which the state undertakes business and commercial (i.e., for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor).
Public enterprise state-managed market economy, one form of market socialism which attempts to use the price mechanism to increase economic efficiency while all decisive productive assets remain in the ownership of the state, e.g. the socialist market economy in China and the socialist-oriented market economy in Vietnam after reforms.
Such systems are described as state capitalism because the state engages in capital accumulation, primarily as part of the primitive accumulation of capital (see also the Soviet theory of primitive socialist accumulation). The difference is that the state acts as a public entity and engages in this activity to achieve socialism by re-investing ...
According to party theorists, since China adopted state ownership when it was a semi-feudal and semi-colonial country, it is claimed to be in the primary stage of socialism. [26] Because of this, certain policies and system characteristics—such as commodity production for the market, the existence of a private sector and the reliance of the ...
A second prominent feature of Chinese party-state capitalism is the expansion of state capital beyond state-owned enterprises, a process that scholars have termed "state financialization". Another manifestation of party-state economic activity was the evolution of the scope of industrial policy .
Chinese sociology, since its reestablishment in 1979, concentrates on applied, policy-oriented, empirical research, to justify its support by the state. [6] A notable example of the use of sociology by state planners was the impact of works by Fei Xiaotong on the policies of industrialization and urbanization of the rural countryside. [6]
It supports state interventionism into markets and private enterprise, alongside a fascist corporatist framework, referred to as a third position that ostensibly aims to be a middle-ground between socialism and capitalism by mediating labor and business disputes to promote national unity. 20th-century fascist regimes in Italy and Germany ...