China's Political Economy
1) Deng Xiaoping and other reformers criticized Mao for placing the development of the relations of production above the development of the forces of production as exemplified in the Great Leap Forward and the Cultural Revolution.
Carl Riskin looks into the economic expansion of the People's Republic of China through the eyes of an economist. He is principally interested in how Mao Zedong's foresight of a socialist China directed the economic policies that compelled and jolted the country from 1949 through 1984. Tracing the evolutions of the Chinese socialist financial system historically, Riskin presumes that Mao understood China's financial circumstances and the challenge of converting China into a socialist state. Nonetheless, in the post-Chinese revolution period, differences began to emerge between Mao and several reformists on the much-repeated question of socialist formation.
Deng Xiaoping, the last linkage in the chain of knowledgeable revolutionaries of China, decided to get rid of what was recognized as Maoist developmental model and implement an innovative set of practical economic policies, the proposal was not to desert Marxism but to chart out a new course that will further consolidate the essential principle of socialism. People of China had put their confidence in Deng's appeal to "modernize" China since they were able to see in it the outline of a strong and successful socialist China. Outside specialists chose to interpret these improvements as the so-called modification in the official policy from "politics in command" toward "economics in command". Experts in China nonetheless were of the view that this was merely consistent with the CPC standing of further promoting the advancement of the relations of production from a subordinate to superior level. The so-called modification was caused by two dynamics. Firstly, to remedy the past mistake of disregarding the law of nature in the economic realm and therefore...