The exhaustion of developmental socialism: lessons from China.

Monthly Review | December 1, 1990| | Copyright

A funny thing happened on the way to market socialism. China started in that direction over a decade ago, seeking to rejuvenate a stagnating economy by basing production decisions on market forces rather than central planning, while regulating the newly-created market n the name of overall social interests. The latter was to give a socialist character to the new system they called socialism with Chinese characteristics.'

But before the decade of the 1980s came to a close, it became clear that the emerging system was not recognizable as any kind of socialism. Even ...

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