Toggle menu
Toggle personal menu
Not logged in
Your IP address will be publicly visible if you make any edits.

New Economic Mechanism

From ProleWiki, the proletarian encyclopedia
More languages

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 the markets 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]

References[edit | edit source]