PHYSICS 102 Lecture Notes - Lecture 26: Market Economy, Sharia, Cross Ownership
Document Summary
County with strong central control with the state council, the communist party and the. National people"s congress playing an important role in governance. 1927 communist revolution began: state proclaimed ownership of the means of production with private property forbidden. 1966 cultural revolution: communes were reorganized & state-owned enterprises (soes) were created, most needing state subsidy. 1970 market economy introduced: with centralized communist-state orientation; soes were large industrial bureaucracy which received production & distribution order from state planners. Its employees benefited trough housing, medical care etc. 1984-1993 transitional model for soes: increased productivity & profitability throughout. China; 1994 new law for allowing traditional large & medium soes as legal entities. 1988 soe reform: constructed by state council with the advice of oecd. 1999 strategic adjustment on enterprise reform: called for a joint stock system, many small & medium sized firms were transformed into non-state-owned enterprises.
