Market and Socialism: In the Light of the Experiences of China and Vietnam (International Economic Association) Review

Market and Socialism: In the Light of the Experiences of China and Vietnam (International Economic Association)
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Market and Socialism: In the Light of the Experiences of China and Vietnam (International Economic Association) Review"Market and Socialism" is a recent look at the successes and failures of market reforms in China and Vietnam. Janos Kornai and Yingyi Qian edit and contribute to the collection of academic papers. Due to differences in opinion between various authors different conclusions emerge. However, common trends exist throughout the collection.
[This review will specifically discuss Vietnam.]
Several articles give historical accounts of Vietnam. They begin with Ho Chi Minh's adaptation of Marxism and continue to the present era (generally ending in 2008.) Prior to 1986 Vietnam was dominated by collective state owned enterprises (SOE's.) Due to almost perpetual war Vietnam had little capital investment and the people lived in extreme deprivation.
Until Ho Chi Minh's death political power in North Vietnam was based upon coalition government. Political power was dispersed between communists, intellectuals, capitalists, and supporters of Minh's nationalist vision. After his death in 1969 the Communist Party discontinued coalition government and drastically shifted power to the most uneducated members of society.
Due to famines and poor economic management the Vietnamese government began a moderate process of reform in 1986. This process, the central issue analyzed by each author, has gradually continued. The experience of Vietnam is similar to China. The citizens have a low desire for democracy and this allows the government to implement reform slowly. Vietnam's introduction into the WTO in 2006 is sign that they will continue toward a path of reform.
The process of exceptional growth in Vietnam is similar to China but very different from other "Asian Tigers." Market reforms have lagged behind the needs of business and have prevented greater investment. If Vietnam does not implement needed reforms it remains dubious whether they can continue their pace of growth, employment, and poverty reduction.
Even though Vietnam effectively has a capitalist economy they still extol socialist virtues. This is a rhetorical tool that maintains their commitment to equity. However, it remains questionable whether a market system can coexist with an authoritarian government. Conventional economic theory suggests that Vietnam is currently in a transitional phase that will eventually lead to democracy.
In the coming decades it will be interesting to see how Vietnam's political system reacts to market demands.
Market and Socialism: In the Light of the Experiences of China and Vietnam (International Economic Association) Overview

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