China's Transition to Market Socialism and the Pacific Rim

Flashcards covering key vocabulary related to China's transition to market socialism and its implications in the Pacific Rim.

Market Socialism

An economic system in which the means of production are owned by the state while being operated by market mechanisms.

Deng Xiaoping's Reforms

Economic strategies implemented in the 1980s in China aimed at increasing economic growth through market-oriented reforms and state control.

Four Modernizations

A set of goals established by Deng Xiaoping focused on modernizing agriculture, industry, science and technology, and defense.

Cultural Revolution

A socio-political movement from 1966 to 1976 in China aimed at preserving communist ideology and eliminating capitalist elements.

Great Leap Forward

A campaign initiated by Mao Zedong from 1958 to 1960 to rapidly transform China from an agrarian economy into a socialist society through rapid industrialization and collectivization.

Harmonious Society

A concept introduced by Hu Jintao aimed at promoting social harmony and reducing wealth inequality in China.

Mercantilism

An economic policy that emphasizes the role of the state in managing the economy, promoting exports, and discouraging imports.

Chimerica

A term describing the economic relationship between China and the United States where Chinese savers finance American debt and consumption.

Asian Tigers

An acronym for South Korea, Taiwan, Singapore, and Hong Kong, which are known for their rapid industrialization and economic growth.

Pacific Rim

The countries bordering the Pacific Ocean, known for their significant economic and geopolitical influence.