Socialist market economy

An economic system that uses market mechanisms alongside public ownership and state direction. Its institutions vary, but the state retains a substantial role in setting economic priorities.

State-owned enterprise: A business owned wholly or partly by a government. State-owned firms let governments retain ownership while participating in market production.
Chinese economic reform: The post-1978 transformation of China’s economy through market reforms under Communist Party rule. It established the institutional path most often associated with this model.
Deng Xiaoping: A Chinese Communist leader who promoted economic reforms beginning in the late 1970s. His reforms opened China to markets while preserving party rule.
Command economy: An economy in which central authorities direct production and allocate resources through administrative plans. It relies more heavily on administrative allocation than market exchange.
Market socialism: A socialist system that uses markets to coordinate production and exchange, often with social or public ownership. It shares market coordination but describes a broader family of socialist models.
Socialist market economy with Chinese characteristics: China’s official description of an economy combining market allocation with Communist Party leadership and public ownership. This is the specific Chinese formulation of the broader concept.
Socialist commodity economy: A reform-era Chinese concept recognizing commodity exchange and markets within a socialist economy. It provided an earlier framework for integrating markets into Chinese socialism.
Capitalism: An economic system characterized by private ownership of capital and production for exchange in markets. Private ownership plays a larger organizing role in capitalism.
Economic planning: The setting of economic priorities and resource allocations through coordinated decisions. State priorities and plans can guide investment alongside market signals.
Đổi Mới: Vietnam’s reform program, launched in 1986, that introduced market mechanisms while preserving one-party socialist rule. Vietnam’s reforms produced a distinct market-oriented socialist system.

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