Socialist-oriented market economy: Difference between revisions
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{{External article cleanup|date=November 2021}} | {{External article cleanup|date=November 2021}} | ||
The '''socialist-oriented market economy''' is the official title given to the current economic system in the [[Socialist Republic of Vietnam]]. It is described as a multi-sectoral [[market economy]] where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing [[socialism]].<ref | The '''socialist-oriented market economy''' is the official title given to the current economic system in the [[Socialist Republic of Vietnam]]. It is described as a multi-sectoral [[market economy]] where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing [[socialism]].<ref>{{Video citation|date=April 26, 2016|title=Socialism plus markets: Vietnam's chosen path|url=https://www.youtube.com/watch?v=LEHJ040BBzQ|access-date=May 12, 2019|channel=People's World}}</ref> | ||
The socialist-oriented market economy is a product of the [[Doi Moi economic reforms|Đổi Mới economic reforms]] which led to the introduction of a market-based | The socialist-oriented market economy is a product of the [[Doi Moi economic reforms|Đổi Mới economic reforms]] which led to the introduction of a market-based economy based on the predominance of state-owned industry, and guided by planned state production. The economic model is similar to the [[Socialist market economy|Socialist Market Economy]] employed in the [[People's Republic of China]]. | ||
=== Origin === | === Origin === | ||
After the [[United States of America|United States']] imperialist [[Vietnam War|war on Vietnam]], the country's infrastructure was essentially nonexistent, due to the heaviest bombing campaign in military history up to that point.<ref>{{Web citation|author=University of California, Berkeley|title=The Long Run Impact of Bombing Vietnam|date=October 2009|url=https://eml.berkeley.edu/~groland/pubs/vietnamoct09.pdf|quote=The Vietnam War featured the most intense bombing campaign in military history and had massive humanitarian costs.}}</ref> During the reconstruction period, the only major country willing to assist Vietnam was the [[Union of Soviet Socialist Republics (1922–1991)|Union of Soviet Socialist Republics.]] The USSR sent various forms of humanitarian aid to Vietnam, including food, fertilizers, machines, and more.<ref name=":0">{{YouTube citation|url=https://www.youtube.com/watch?v=mMubOw5H-yo|channel=Luna oi!|title=Is Vietnam Socialist?|date=Apr 5, 2020}}</ref> In the latter 1980s, the USSR was under the corrupt and bourgeois leadership of [[Mikhail Gorbachev]], and thus began to support Vietnam less, ultimately ending support with the [[Overthrow of the Soviet Union|undemocratic overthrow of the Soviet Union]]. | After the [[United States of America|United States']] imperialist [[Vietnam War|war on Vietnam]], the country's infrastructure was essentially nonexistent, due to the heaviest bombing campaign in military history up to that point.<ref>{{Web citation|author=University of California, Berkeley|title=The Long Run Impact of Bombing Vietnam|date=October 2009|url=https://eml.berkeley.edu/~groland/pubs/vietnamoct09.pdf|quote=The Vietnam War featured the most intense bombing campaign in military history and had massive humanitarian costs.}}</ref> During the reconstruction period, the only major country willing to assist Vietnam was the [[Union of Soviet Socialist Republics (1922–1991)|Union of Soviet Socialist Republics.]] The USSR sent various forms of humanitarian aid to Vietnam, including food, fertilizers, machines, and more.<ref name=":0">{{YouTube citation|url=https://www.youtube.com/watch?v=mMubOw5H-yo|channel=Luna oi!|title=Is Vietnam Socialist?|date=Apr 5, 2020}}</ref> In the latter 1980s, the USSR was under the corrupt and bourgeois leadership of [[Mikhail Gorbachev]], and thus began to support Vietnam less, ultimately ending support with the [[Overthrow of the Soviet Union|undemocratic overthrow of the Soviet Union]]. | ||
As a result of these circumstances, the government of Vietnam was forced into accepting some market reforms in order to be accepted into capitalist and US dominated economic organizations such as the World Trade Organization (WTO). The requirements necessary for Vietnam to be accepted into the WTO were visibly one-sided toward the US, but the government had no other choice.<ref name=":0" /><ref>{{Web citation|author=Office of the United States Trade Representative|title=Vietnam’s Accession to the World Trade Organization (WTO)|date=May 2006|url=https://ustr.gov/archive/assets/Document_Library/Fact_Sheets/2006/asset_upload_file521_9445.pdf|quote=Bilateral Agreement will enhance U.S. access to fast-growing Vietnamese market}}</ref> | As a result of these circumstances, the government of Vietnam was forced into accepting some market reforms in order to be accepted into [[capitalist]] and US dominated economic organizations such as the World Trade Organization (WTO). The requirements necessary for Vietnam to be accepted into the WTO were visibly one-sided toward the US, but the government had no other choice.<ref name=":0" /><ref>{{Web citation|author=Office of the United States Trade Representative|title=Vietnam’s Accession to the World Trade Organization (WTO)|date=May 2006|url=https://ustr.gov/archive/assets/Document_Library/Fact_Sheets/2006/asset_upload_file521_9445.pdf|quote=Bilateral Agreement will enhance U.S. access to fast-growing Vietnamese market}}</ref> | ||
== References == | == References == | ||
Latest revision as of 19:57, 3 September 2024
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The socialist-oriented market economy is the official title given to the current economic system in the Socialist Republic of Vietnam. It is described as a multi-sectoral market economy where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing socialism.[1]
The socialist-oriented market economy is a product of the Đổi Mới economic reforms which led to the introduction of a market-based economy based on the predominance of state-owned industry, and guided by planned state production. The economic model is similar to the Socialist Market Economy employed in the People's Republic of China.
Origin[edit | edit source]
After the United States' imperialist war on Vietnam, the country's infrastructure was essentially nonexistent, due to the heaviest bombing campaign in military history up to that point.[2] During the reconstruction period, the only major country willing to assist Vietnam was the Union of Soviet Socialist Republics. The USSR sent various forms of humanitarian aid to Vietnam, including food, fertilizers, machines, and more.[3] In the latter 1980s, the USSR was under the corrupt and bourgeois leadership of Mikhail Gorbachev, and thus began to support Vietnam less, ultimately ending support with the undemocratic overthrow of the Soviet Union.
As a result of these circumstances, the government of Vietnam was forced into accepting some market reforms in order to be accepted into capitalist and US dominated economic organizations such as the World Trade Organization (WTO). The requirements necessary for Vietnam to be accepted into the WTO were visibly one-sided toward the US, but the government had no other choice.[3][4]
References[edit | edit source]
- ↑ People's World (April 26, 2016). "Socialism plus markets: Vietnam's chosen path". YouTube.
- ↑ “The Vietnam War featured the most intense bombing campaign in military history and had massive humanitarian costs.”
University of California, Berkeley (October 2009). "The Long Run Impact of Bombing Vietnam" - ↑ 3.0 3.1 Luna oi! (Apr 5, 2020). "Is Vietnam Socialist?". YouTube.
- ↑ “Bilateral Agreement will enhance U.S. access to fast-growing Vietnamese market”
Office of the United States Trade Representative (May 2006). "Vietnam’s Accession to the World Trade Organization (WTO)"