"We don't have the basis for building a socialist economy," he said.

A socialist economy, therefore, would require a price system in order to operate.

This is considered to be a fundamental element of a socialist economy.

Thus, under pressure, the country took the risk of reforming the socialist economy.

"The socialist economy doesn't work," he said about his homeland.

Since 1978 China has been systematically moving away from a socialist economy and toward a capitalist system.

The role and use of money in a hypothetical socialist economy is a contested issue.

The use of markets in a socialist economy has been debated for more than two generations.

In a Socialist economy these problems do not exist.

They argue that within a socialist planned economy there is a lack of incentive to act on information.