Question

Which of the following country have adopted socialistic economy?

• A. China
• B. Russia
• C. The United States of America
• D. Both A and B

Answer 1

Answer: (A)

China

• China's economy is subject to market forces, and capitalists are involved, but the Party does not believe that capitalists run their economy. The socialist market economy was a concept introduced by Deng Xiaoping in order to incorporate the market into the planned economy in the People's Republic of China.
  
• The Union of Soviet Socialist Republics, ruled by a one-party dictatorship and an economy which was over 90 percent state-controlled and owned.