Week 4-3 The Success of the PRC (1)

Week 4-3 The Success of the PRC (1) - goods high Centrally...

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POLC 3020: Week 4 (3) Economic Reform and Political Reform PRC vs. USSR Sept. 17, 2010
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The PRC and the USSR Why did China successfully achieve economic reform while the Soviet Union failed? How were the Chinese leaders able to introduce market reforms through communist political institutions? Deng Xiaoping Gorbachev
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The PRC and the USSR
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Centrally Planned Economy Characteristics 1. State Ownership 2. Centralized Bureaucratic Management of the Economy with Government Planners - Setting output and supply quotas, prices, and wages - Heavy industry-based development strategy 3. Price Distortion - Setting the prices of agricultural products low and manufactured
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Unformatted text preview: goods high Centrally Planned Economy Strengths 1. The ability to Mobilize of Resources for Rapid Economic Development 2. The Accumulation of a High Portion of National Output for Reinvestment Centrally Planned Economy Problems 1. Micro-Level a. Too much information to collect b. Incapable to meet changing needs c. Consumers’ hidden needs (Taste, style, etc.) d. Information distortion (Price) e. No effort to reduce input costs Centrally Planned Economy Problems 2. Macro-Level a. Conflicts between Industry and Agriculture b. Conflicts between Heavy Industries and Light Industries c. No Management Efficiency...
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This note was uploaded on 03/10/2011 for the course POLC 3020 taught by Professor Kim during the Fall '10 term at Tulane.

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Week 4-3 The Success of the PRC (1) - goods high Centrally...

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