Economic Reforms

Definition

Economic reforms refer to changes made by a government or organization aimed at improving or transforming their economic system. In the context of China, these reforms were initiated by Deng Xiaoping to shift towards a more market-oriented socialist economy.

Related terms

Collectivization: The process of bringing agricultural production under state control or merging small farms into larger collective units, often seen in communist countries.

Foreign Direct Investment (FDI): When individuals or companies invest capital directly into businesses located in another country.

State-Owned Enterprises (SOEs): Companies or organizations that are owned and operated by the government rather than private individuals or shareholders.