Initial Experimentations with Market Socialism

At the end of the 1970s, China for the first time embarked on an economic reform with a clear systemic objective rather than targeting individual policies. To a large extent, this reform was a copy of the reforms in the Soviet Union and the Eastern European countries in the 1960s that sought to increase the role of the market and to expand enterprise autonomy. The economic model for the reform was based on visions of a socialist system known as market socialism.