Economy Of The Mongolian People's Republic
On the eve of the 1921 revolution, Mongolia had an underdeveloped, stagnant economy based on nomadic animal husbandry. Farming and industry were almost nonexistent; transportation and communications were primitive; banking, services, and trade were almost exclusively in the hands of Chinese or other foreigners. Most of the people were illiterate nomadic herders, and a large part of the male labour force lived in the monasteries, contributing little to the economy. Property in the form of livestock was owned primarily by aristocrats and monasteries; ownership of the remaining sectors of the economy was dominated by Chinese or other foreigners. Mongolia's new rulers thus were faced with a daunting task in building a modern, socialist economy.
Read more about Economy Of The Mongolian People's Republic: Role of The Government, Planning, Budget, Structure of The Economy, Economic Reforms
Famous quotes containing the words economy, people and/or republic:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (18031882)
“He must have killed a lot of people to be so rich.”
—Molière [Jean Baptiste Poquelin] (16221673)
“Our great Republic is a government of laws and not of men. Here, the people rule.”
—Gerald R. Ford (b. 1913)