Why Has the Transition from a Planned Economy to a Market

question 37

Essay

Why has the transition from a planned economy to a market economy been smoother in China than the process observed in central and eastern European countries?

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Definitions:

Control Contacts

Control contacts are the parts of a relay or switch that make or break the connection in a control circuit, influencing the operation of a system or device.

Hand-off-automatic Circuit

A control circuit configuration that allows a device or system to be operated manually or automatically, based on the position of a selector switch.

Pilot Control Device

A mechanism or component used to regulate the operation of machinery or systems through the control of smaller power inputs.

Loss of Power

A situation where electrical power is interrupted or unavailable to a device or area.