Performance and mechanisms of the Maoist economy: a holistic approach, 1950-1980

Kent Deng, Jim Huangnan Shen and Jingyuan Guo

Economic History Working Papers from London School of Economics and Political Science, Department of Economic History

Abstract: This article probes performance and mechanisms of the Maoist economy from 1950 to 1980, a period commonly regarded as a turning point that ushered in a bumpy but new path for China’s new economic fortune, including industrialisation and modernisation. Mao and his government have often been regarded as a developer and moderniser for China. This study questions it. To that end, the Maoist economy is re-conceptualised, re-examined, and re-assessed with qualitative and quantitative evidence including empirical modelling. The key findings suggest that the Maoist economy was a closed one with industrial dependence on agriculture in an urbanrural zero-sum. In the end, despite the official propaganda agriculture declined, industrial workforce stagnated, and the population was poor. This gloomy performance justified the post-Mao reforms and opening up, a game changer that put China on a very different trajectory of growth and development.

Keywords: quesnay; zero-sum; a closed economy; economic performance; industrial dependence on agriculture; a low level equilibrium trap (search for similar items in EconPapers)
JEL-codes: H57 N15 N35 O21 O41 P21 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2022-08
New Economics Papers: this item is included in nep-cna and nep-his
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http://eprints.lse.ac.uk/116401/ Open access version. (application/pdf)

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Working Paper: Performance and mechanisms of the Maoist economy – a holistic approach, 1950-1980 (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:wpaper:116401

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