What are the three major approaches the PRC has used in governing the economy?

The correct answer highlights the three major approaches that the People's Republic of China (PRC) has utilized in governing its economy. Market-oriented policies are essential as they've played a crucial role in China's economic reforms since the late 1970s, allowing for increased private enterprise and foreign investment, leading to significant economic growth.

Soviet-style governance refers to the initial period after the establishment of the PRC in 1949 when China adopted a centralized planning model similar to that of the Soviet Union. This approach relied on state control of most economic activity and was characterized by rigid planning and a focus on heavy industry.

Radical egalitarianism reflects the ideological commitment during the earlier years of the PRC, particularly during the Great Leap Forward and the Cultural Revolution, which sought to promote equal outcomes across society, often at the expense of economic efficiency and individual incentives.

Understanding these three approaches captures the evolution of China's economic policies from strict state control to a more mixed economy that embraces market principles, which has been key to its development and global economic standing.