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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.
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]
The intellectual predecessor of dual circulation was the "great international circulation", a strategy of economic growth through export-oriented production, articulated by Wang Jian during the era of former paramount leader Deng Xiaoping. [8] [9] [10] In 2020, the COVID-19 pandemic brought a global economic downturn and a decline
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).
More specifically, a mixed economy may be variously defined as an economic system blending elements of a market economy with elements of a planned economy, [1] markets with state interventionism, [2] or private enterprise with public enterprise. [3] [4] Common to all mixed economies is a combination of free-market principles and principles of ...
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.
Many different proposals for socialist economic systems call for a type of mixed economy, where multiple forms of ownership over the means of production co-exist with one another. Alternatively, a mixed economy may also be a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic ...