China and Socialism: Contradictions of China's Transformation: Domestic

Abstract

Many progressives agree that China is not a socialist country, but argue that its controlled process of transformation has been a success, having produced rapid industrial growth and a rising standard of living for the great majority of Chinese. The reality, however, is that the marketization, privatization, and increasing foreign domination of China's economy have generated growing tensions and contradictions that have already undermined economic stability and imposed unacceptably high costs on China's working people.

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