China’s new leadership in 1978 felt that the Maoist vision of economic development had failed. Three of the following were part of that vision. Pick the odd one out.
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Dual pricing of inputs and outputs
The Maoist vision of development rested on decentralisation, self-sufficiency and shunning foreign technology, goods and capital. China’s new leaders felt this vision had failed.
Dual pricing does not belong. It came after 1978, as part of the reform process that replaced the Maoist approach: fixed quantities were traded at government prices and the rest at market prices.
NCERT (2026-27): “8.6 Development Strategies — an Appraisal … The new leadership at that time in China was not happy with the slow pace of growth and lack of modernisation in the Chinese economy under the Maoist rule. They felt that Maoist vision of economic development based on decentralisation, self sufficiency and shunning of foreign technology, goods and capital had failed. …” “8.2 Developmental Path—a Snapshot View … The reform process also involved dual pricing. This means fixing the prices in two ways; farmers and industrial units were required to buy and sell fixed quantities of inputs and outputs on the basis of prices fixed by the government and the rest were purchased and sold at market prices. …” |