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One country, two systems" is a constitutional principle of the People's Republic of China (PRC) describing the governance of the special administrative regions of Hong Kong and Macau. Deng Xiaoping developed the one country, two systems concept.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The theory also played an important role in China's modern economy, as Deng stressed opening China to the outside world, [6] the implementation of one country, two systems, and through the phrase "seek truth from facts", [3]: 1500 an advocation of political and economic pragmatism. [7] [8]
Dengism aims to adapt Marxism–Leninism and Mao Zedong Thought to China's specific socio-economic context. Deng emphasized several key principles, including opening China to the global community, implementing the "one country, two systems" policy, and promoting political and economic pragmatism through the maxim "seek truth from facts".
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy. [1]
Term Description Examples Autocracy: Autocracy is a system of government in which supreme power (social and political) is concentrated in the hands of one person or polity, whose decisions are subject to neither external legal restraints nor regularized mechanisms of popular control (except perhaps for the implicit threat of a coup d'état or mass insurrection).
Taiwan's president rejected on Thursday a "one country, two systems" formula that Beijing has suggested could be used to unify the island and the mainland, saying such an arrangement had set Hong ...
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.