From 1949 to the early 1990s the economy of which country was almost entirely state run

Question

Social Studies

Essence Hinton

31 August, 21:42

From 1949 to the early 1990s the economy of which country was almost entirely state run

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Answers (1)

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Karly Cabrera · Answer 1

The economy of China was almost entirely state-run from 1949 to the early 1990s.

Explanation:

In order to implement the idea of collectivisation, Mao planned the implementation of an economic policy that would follow the Marxist principles. This policy had the provision of the ownership of the states resources and market in the hands of the government. Mao named this plan as the plan for Chinese economic reformation. After Deng Xiaoping came to power in 1978, he changed the economic policies to incline more towards capitalism but the ownership of resources and the market still stayed in the hands of the government.