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Indian Economy (Market Socialism (Term coined by Prof Oscar Lange, In1985,…
Indian Economy
Market Socialism
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In1985, China announced its Open Door Policy , the first experiment in market Socialism
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Types of Economy
Capitalistic Economy
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He raised his voice against the heavy handed government regulations of commerce and industry of the time which did not allow the economy to tap its full economic worth and reach the level of well being
He stressed on division of labour and an environment of Laissez Faire (non-interference by the government)
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The decision of what to produce, how much to produce and at what price to sell are taken by the market, by private enterprises in this system, with state having no economic role
State economy
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This kind of economic system first came up in the erstwhile USSR after the Bolshevik Revolution 1917 & got its ideal shape in the people's Republic of China 1949
Further 2 division
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Socialist economy like in USSR ; emphasis on collective ownership of the means of production (property and assets)
Decision related to production, supply and prices were all suggested to be taken by the state only
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Washington consensus
The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions such as the International Monetary Fund (IMF), World Bank, and the US Treasury Department.