ABSTRACT
This chapter discusses the basic features of socialist economic development; that is, development that reflects the interest of workers, peasants, and indeed all those doing socially useful work. It provides a benchmark against which it is possible to assess the actual economic record and clarify the contradictions that have emerged in the course of Chinese development. Economic development refers to the process whereby accumulation, consisting of both saving and investment, and technological change become institutionalized. The analysis of class structure and surplus use gives of the economic development of China its unity. In socialist economic development too, the leading role of the bureaucracy is a transitional one. Socialist economic development is simply development carried out in ways that serve working people: workers, peasants, teachers, health workers, and all those whose primary economic role is participation in socially useful labor. The chapter also presents an overview of the key concepts discussed in this book.
