Abstract
The theory of price formation has been vigorously discussed in Communist China since 1953, but the main themes of the discussion have varied. Generally speaking, the discussion may be conveniently divided into two periods. The first period covers the years prior to 1960, during which there were a large number of articles dealing with the role of the “law of value” in socialist planning and the problem of price formation for producer goods transferred within the state sector. The discussion was partly a result of Stalin's publication ofEconomic Problems of Socialism in the U.S.S.R.A number of Chinese economists disagreed with Stalin's assertion that the law of value and the concept of commodity production and exchange did not apply to the state sector.
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