This chapter examines some of the theoretical aspects of the debate between the 'Gang of Four' and the new leadership over economic issues. It looks at developments in industrial policy over the period 1969 to 1979 and at the major changes in planning, economic management, centralisation and decentralisation, the role of the banks, investment policy, forms of industrial specialisation, types of co-operatives and enterprise management. Throughout, it will be made clear that the call for increased output and productivity dominates both theoretical economic discussion and the framing of practical policies. As a result, the articulation and extension of the economic policies associated with the four modernisations dominate all aspects of political life. Work in education, the arts and the sciences has been reshaped to concentrate on training the specialists needed for technological modernisation. Industry should strive to supply goods for agricultural modernisation.