Socialist market economy
Socialist market economy in China, economic system in which state retains ownership of the means of production but wages, prices, and employment would be allowed to develop in the private sector.
Definitions
According to Labor Relations and Collective Bargaining by Michael R. Carrell and Christina Heavrin (10th edition),
- Socialist market economy. In China, economic system in which state retains ownership of the means of production but wages, prices, and employment would be allowed to develop in the private sector.
Related concepts
- Labor relations. The systematic study of attitudes, motivations, and behaviors which two or more job-market actors assume toward each another.
