Author:            Assoc.Prof.Dr. Pham Van Dzung
Published in:   Journal of Science, Economics and Business
No:                   Volume 27, No. 2E,  2011, p. 94-102
Language:       English
Key words:      Global economic crisis, development model, capitalism
Abstract:        The current global economic crisis once again proves Karl Marx’s theoretical point. The basic contradiction of capitalism - between the highly socialized productive force and capitalist relation of production - has blowed up globally, causing severe economic, politic, and social consequences. The intervention of states has softened this critical contradiction and restricted its damage remarkably. In the near future, a global centre for economic regulation will appear. However, the capability and power of states are limited. The inherent contradiction of capitalism still exists and a similar crisis is inevitable in the future. Building a country with “wealthy people, prosperious country, democracy, justice, cilvilization” is a goal that Vietnam has targeted. They are also the common values of the humankind. To achieve this goal, Vietnam should learn lessons from other countries. Development of a market economy is indispensable for Vietnam. However, it is necessary to aware of advantages and disadvantages that exist in a market economy, including crisis risks. The current global economic crisis has awoken every country. In fact, it could be confirmed that Vietnam has a correct choice when choosing development model as “Socialist-oriented market economy”. In essence, socialist orientation in market economic development of Vietnam is to develop a market economy followed the shortened and sustainable development model. Thanks to this model, the impacts of global economic crisis on Vietnam are less dramatic than several countries; macroeconomic situation is relatively stable, economic growth is positive; hunger elimination and poverty reduction gains achievements and so on. Those achievements prove that Vietnamese Communist Party has successfully applied Marxist economic theory in the new situation of Vietnam.

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