Key Terms

 

Greeting delegates,

Here are some key terms, ideas or themes from the synopsis:

  • Capital: for our purposes, this will be defined as equivalent to wealth in order to simplify our discussion, but note that ‘wealth’ can include material value beyond currency; industrial machinery, land, and advanced computer software could also be considered examples of capital.

  • Rate of return: the rate at which profit is made from investment, determined via the following formula: (sale price - purchase price)/(purchase price)

  • Economic growth: rate at which a nation’s wealth increases over time.

  • School of Universal Principles: a wing of economic thought which argues that free markets, and hence a reduction of government regulation, best stimulate economic growth.

  • School of Chinese Characteristics: a wing of economic thought which stipulates that attributes unique to China are responsible for the economic growth seen there in the past few decades.

  • Single-track liberalization: shifting very rapidly from a communist system to a capitalist system.

  • Dual-track liberalization: liberalization wherein there are two economic tracks temporarily coexisting while the broader economy liberalizes, one which is largely communist (the plan track) and one which is predominantly capitalist (the market track).

  • Special Economic Zones: a zone wherein economic policy differs from broader state policy in order to incentivize growth.

  • Incentive Theory: a model of thought which operates under the axiom that economic agents pursue their interests.

  • The Great Leap Forward: economic plan wherein the CCP attempted to fully collectivize agriculture by seizing all private farmland.

  • The Cultural Revolution: a ten-year political campaign in which the CCP, directed by Mao, expelled reformists from the party.

  • Household Contract Responsibility System with Remuneration Linked to Output (HCRS): a stepping stone to a more liberalized agricultural sector wherein responsibility for labor and production was placed onto households through the formal contracting of collective land.

  • Township and Village Enterprises: a collective disguising semi-private enterprises in the form of local public-private joint ventures.

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