What does Rosser and Rosser Chapter 15 characterize China's economy as ?

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BlackTom AI · Accepted Answer

To begin, consider what Rosser and Rosser discuss in Chapter 15 about China’s economic structure and guiding principles.
Option 1: 'Command economy' — This would imply central planning with most production and allocation decisions made by the state, but the chapter emphasizes substantial market participation and reforms that move away from a pure command model, making this option incorrect.
Option 2: 'None of these' — Given that the chapter indeed presents a specific descriptor of China’s economy, choosing 'None of these' would ignore the established characterization and is therefore inaccurate.
Option 3: 'Laissez faire capitalism' — This portrays minimal government intervention and a fully free market, which contradicts the explicit role of state guidance, policy direction, and strategic planning highlighted in the chapter, so this is not a fit.
Option 4: 'Socialist market economy' — This term aligns with the depiction in the chapter of China’s unique blend: a market-based economy with continued socialist underpinnings, state-owned enterprises, and policy-led guidance. The description captures the hybrid nature that Rosser and Rosser identify.
In summary, each option reflects a spectrum of economic models, but the chapter’s emphasis is on a model that combines market mechanisms with socialist planning features, which is why the fourth option is the most accurate depiction among the choices.

ECON 5540-090 Spring 2025 Quiz 5

What does Rosser and Rosser Chapter 15 characterize China's economy as ?

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