Conclusion

Abstract

In the 1990s, China’s socialist market economy shows many of the classic hallmarks of capitalism. There is private ownership of some of the means of production and of firms. There are markets for the factors of production, as well as for commodities. The majority of the labour force are propertyless, and rely for a livelihood on wages they earn from producing goods and services which are sold by their employers to realise profit. There is also the promotion by the party-state and entrepreneurs of ideologies, ethics, and values which celebrate private ownership, production for market exchange and capital accumulation.