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The '''New Economic Mechanism (NEM)''' is the economic model employed in [[Lao People's Democratic Republic|Laos]], since 1986. It is similar to [[People's Republic of China|China]]'s [[socialist market economy]] and [[Socialist Republic of Vietnam|Vietnam]]'s [[socialist-oriented market economy]], in that it is a [[Market socialism|market-based socialist economy]], with a predominance of state ownership, and the [[Lao People's Revolutionary Party]] directing | The '''New Economic Mechanism (NEM)''' is the economic model employed in [[Lao People's Democratic Republic|Laos]], since 1986. It is similar to [[People's Republic of China|China]]'s [[socialist market economy]] and [[Socialist Republic of Vietnam|Vietnam]]'s [[socialist-oriented market economy]], in that it is a [[Market socialism|market-based socialist economy]], with a predominance of state ownership, and the [[Lao People's Revolutionary Party]] directing production through [[Command economy|state planning]].<ref name=":0">https://www.peoplesworld.org/article/laos-building-socialism-from-scratch-after-colonialism-and-imperialist-war/</ref> It was based on the [[Soviet Union]]'s [[New Economic Policy]] (NEP).<ref name=":0" /> Its justification was that the country, which had been heavily bombed by the [[United States of America|United States]] during the [[Vietnam War]], lacked an industrial base and was too underdeveloped to build [[socialism]].<ref name=":0" /> | ||
==References== | ==References== | ||
Revision as of 22:12, 2 September 2023
The New Economic Mechanism (NEM) is the economic model employed in Laos, since 1986. It is similar to China's socialist market economy and Vietnam's socialist-oriented market economy, in that it is a market-based socialist economy, with a predominance of state ownership, and the Lao People's Revolutionary Party directing production through state planning.[1] It was based on the Soviet Union's New Economic Policy (NEP).[1] Its justification was that the country, which had been heavily bombed by the United States during the Vietnam War, lacked an industrial base and was too underdeveloped to build socialism.[1]