Introducing the Socialist Market Economy

Bekkevold, Jo Inge; Hansen, Arve; Nordhaug, Kristen

doi:10.1007/978-981-15-6248-8_1

Cited by 9 publications

(3 citation statements)

References 43 publications

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“…He also criticizes the dependence on foreign aid and its distribution, which is the source of exploitation by centralized and corrupt decision-making apparatus. Bekkevold et al (2020) highlight the Lao's model of economic development that combines the elements of market economy and socialism. They define the country's economic system as a socialist market economy with a persistent communist regime similar to those in China and Vietnam.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The Lao People's Democratic Republic is one of the few socialist states that are openly committed to communism and whose economic system is frequently associated with China or Vietnam (Bekkevold et al, 2020;Stefanova and Zhelev, 2022). The political system affects the national economic system to some extent, which has been decentralizing since the second half of the 1980s and demonstrating its efforts to introduce the principles of market economy and foreign economic activity liberalization.…”

Section: Introductionmentioning

confidence: 99%

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Specifics and Perspectives of Laos’ Socialist Market Economy

2022

BJIEP

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Laos is a remarkable country situated at the crossroads of the political and economic processes in the region of Southeast Asia. The country is rich in natural wealth, which is exploited mainly by foreign actors and influences the distribution of prosperity for the benefit of domestic political elites. This paper focuses on the peculiarities of the current economic development, the structure of the national economy, involvement in international economic relations, and the current economic dynamics of the national economy. We will try to point out the perspectives of economic development as well. To reach the purpose of the paper, we use the basic methods of research, including synthesis, deduction, comparison, or mathematical methods, and work with scientific literature, statistics of international databases and data of national institutions. The results suggest that Laos, as the least developed country, is still dependent on exogenous factors that prevent productivity gains and, consequently, qualitative economic growth. Economic structure hinders economic growth and socio-economic development as well. Capital-intensive but low-tech industries do not create highly qualified jobs, thus producing low standards of living.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Specifics and Perspectives of Laos’ Socialist Market Economy

2022

BJIEP

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“…In 1986, Laos officially announced the New Economic Management Mechanism (NEMM), 6 a set of policy measures that would introduce market forces into the economy to make up for the shortcomings of its socialist planned economy, notably when Soviet and Eastern Bloc aid declined precipitously in the mid-1980s (Evans, 2002; Stuart-Fox, 1997). Following the transitions to a “socialist market economy” of China and Vietnam (Bekkevold et al, 2020; Cole and Ingalls, 2020), critical elements of a socialist economy were retained, including state control over the property system and the role of state-owned enterprises. Ideologically, the government had no plans to transition towards a capitalist economy but rather to selectively adopt measures of a market economy that could be used to pursue its general vision of a socialist society based on prosperity, equality, and justice (Yamada, 2018).…”

Section: The Emergence Of the Tlic Policymentioning

confidence: 99%

Turning land into capital? The expansion and extraction of value in Laos

Kenney‐Lazar

2021

Environ Plan A

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Since 2006, the government of Laos has pursued a policy of “Turning Land into Capital”, which broadly refers to the generation of economic value from the marketization of land, producing not only profit but also government revenue and economic development. The policy's ambiguity raises questions regarding the precise political-economic processes at work and what exactly the transformation of land into capital might mean. Building on Marxist theorizations of land, value, capital, and rent, this paper argues that land under capitalism does not only operate as a rent-bearing asset, in which value is extracted from elsewhere. Land can also be treated as a real form of capital, or capitalized, when its social relations are transformed to facilitate value expansion and act as a store of value mobilized for further investment. It is imperative to investigate how land is used to expand value as capital, extract value as rent, or do both. This paper examines four manifestations of the Turning Land into Capital policy to outline the contours of struggles and contestations over the production and distribution of value in the Lao political economy.

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Introduction: Consumption, Societal Transformations and Everyday Life in Vietnam

Hansen

2022

Consumption and Vietnam’s New Middle Classes

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Introducing the Socialist Market Economy

Cited by 9 publications

References 43 publications

Specifics and Perspectives of Laos’ Socialist Market Economy

Specifics and Perspectives of Laos’ Socialist Market Economy

Turning land into capital? The expansion and extraction of value in Laos

Introduction: Consumption, Societal Transformations and Everyday Life in Vietnam

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