Which economic system was primarily characterized by collective ownership in China during the 1950s?

Which economic system was primarily characterized by collective ownership in China during the 1950s?

• A. Market economy
• B. Mixed economy
• C. Command economy
• D. Socialist economy

Answer: (C)

The economic system primarily characterized by collective ownership in China during the 1950s is the command economy. In this system, the state controlled most aspects of the economy, including production, distribution, and pricing of goods and services. Following the establishment of the People's Republic of China in 1949, the government sought to transform the economy into one that reflected socialist principles, which emphasized collective ownership and central planning. During the 1950s, especially under policies like collectivization and the establishment of state-owned enterprises, private property and independent market forces were largely eliminated. This direction aligned with the command economy's features, where economic decisions are made centrally by the government without significant input from market signals. The other options do not accurately describe the economic landscape of China during that period. A market economy relies on supply and demand with minimal government intervention, while a mixed economy combines elements of both market and command economies, which was not representative of China's situation at that time. The term "socialist economy" could apply, but it is broader and less specific than "command economy," which clearly underscores the centralized control and planning dominating China's economic approach in the 1950s.

The economic system primarily characterized by collective ownership in China during the 1950s is the command economy. In this system, the state controlled most aspects of the economy, including production, distribution, and pricing of goods and services. Following the establishment of the People's Republic of China in 1949, the government sought to transform the economy into one that reflected socialist principles, which emphasized collective ownership and central planning.

During the 1950s, especially under policies like collectivization and the establishment of state-owned enterprises, private property and independent market forces were largely eliminated. This direction aligned with the command economy's features, where economic decisions are made centrally by the government without significant input from market signals.

The other options do not accurately describe the economic landscape of China during that period. A market economy relies on supply and demand with minimal government intervention, while a mixed economy combines elements of both market and command economies, which was not representative of China's situation at that time. The term "socialist economy" could apply, but it is broader and less specific than "command economy," which clearly underscores the centralized control and planning dominating China's economic approach in the 1950s.