Deng Xiaoping invented the Four Modernizations, which justified the transformation of the planned economy to a market economy.
The same is true for the market economy: the power of markets, for good and for evil, is enormous.
If we didn't live in a market economy, these questions wouldn't arise in the first place.
An economy in which the greater part of production, distribution, and exchange is controlled by individuals and privately owned corporations rather than by the government, and in which government interference in the market is minimal. Although a total market economy is probably only theoretically possible (because it would exclude taxation and regulation of any kind), capitalist economies approximate it and socialist economies are antithetical to it (see capitalism and socialism). Market economies are also called free economies, free markets, or free enterprise systems.