Agriculture in China's Modern Economic Development by Nicholas R. Lardy PDF

By Nicholas R. Lardy

ISBN-10: 0511528426

ISBN-13: 9780511528422

ISBN-10: 0521071704

ISBN-13: 9780521071703

ISBN-10: 0521252466

ISBN-13: 9780521252461

Explores the connection among the chinese language peasantry, who're the basic base of aid for the innovative chinese language Communist occasion, and the state-led economic climate demonstrated through the celebration after 1949.

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Additional resources for Agriculture in China's Modern Economic Development

Sample text

The theory of price and quantity control The primary objective of economic planners in centrally planned socialist systems is to control the output of producers in a manner that maximizes the planners' social welfare function. In theory, for the simplest case of a single output produced by a single firm, the planner must choose between the use of a quantity or price directive to control production. The producer is presumed able to meet a goal expressed in terms of physical units of output or to behave as a profit maximizer, producing up to the point where the marginal cost of production is equal to the price set by the state.

The state reinforced price incentives with favorable credit policy through advance purchase contracts that provided interest-free working capital to cotton producers. In the early to mid-1950s first individual farmers and subsequently mutual aid teams responded in an economically predictable fashion to the changing set of price incentives offered by the state. Farmers in this respect seem to have changed little from the pre-Communist period when they operated in a relatively competitive market economy (T.

Surplus grains could be sold only to state purchase agencies or, in some unspecified locales, in state-controlled grain markets of the type that initially had been created in 1953. 1). Clearly price planning was far from optimal during these years. Ma Yinch'u, a leading nonparty intellectual, criticized the government's price policy in the 1950s, arguing that policy makers undervalued the role of prices in allocating resources. He was critical particularly of the failure of the government to provide adequate price incentives for the production of 40 Planning and allocative efficiency nongrain crops and pigs (Walker 1964, 171-7).

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Agriculture in China's Modern Economic Development by Nicholas R. Lardy


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