Problems Involving the System of Planned Management of the Economy of Ownership by the Whole People in Our Country and the Direction of its Reform

The current system of planned management of the economy of ownership by the whole people in our country was basically transplanted from the Soviet Union in the 1950s. Even though the system has undergone several reforms since then, it has not, on the whole, broken away from the old, conventional system of planned management of the Soviet Union; namely, it lays emphasis on managing the economy by administrative measures rather than acting faithfully according to economic laws and managing the economy with economic devices. Such a management system invariably creates a series of insurmountable obstacles to the economic life of society, impeding the rapid progress of socialist economy.