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:

Labor Surplus

A situation in the labor market where the supply of labor exceeds the demand for labor, often leading to unemployment or underemployment.

Transfers

The process of moving employees from one job, location, or department to another within the same organization.

Early Retirement

The act of leaving the workforce before the traditional retirement age, often with incentive packages offered by employers.

Labor Surplus

A situation where the number of available workers exceeds the number of available jobs, often leading to unemployment or underemployment.