A ________ market economy is an economic system in China in which the state retains ownership of the means of production, but wages, prices, and employment are allowed to develop in the private sector.

Question

Quizplus · Accepted Answer

The given economic system in China reflects the principles of socialism, where the state holds ownership of means of production while allowing private development of wages, prices, and employment. In a capitalist economy, private entities hold ownership of means of production without any state intervention, while a feudalistic economy is a pre-industrial agrarian system with limited economic activities. A fascist economy is a nationalist economic system with rigid state control over economic activities.

A ________ Market Economy Is an Economic System in China