The Third Plenum of the 13th Central Committee adopted a program of economic readjustment and rectification after overheating and inflation. Credit and investment were tightened, price controls partly restored and reform slowed. Stabilization protected purchasing power but shifted costs onto firms and workers and increased administrative control.
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What did the 1988 rectification program do?
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Splikashon
The state tightened macroeconomic controls to cool overheating and inflation.