China’s market socialism reforms: unraveling historical shifts, economic transformation, and the rise of individualism, materialism, and inequality

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This review article examines the localization of market socialism in China and its impact. The historical review traces the adoption of market socialism in the 1970s as a guiding ideology for China’s socialist market economy reforms, contributing significantly to economic development. However, these reforms have concurrently led to a surge in individualism, materialism, and inequality. The article explores the theoretical mechanisms and empirical manifestations of this trend in China’s ecological, cultural, social, and educational domains. The research carries implications for comprehending market socialism as a global ideology and investigating its localization in China, along with the ensuing consequences.