Mao Tse-Tung, also known as Mao Zedong, was a principal Chinese Marxist theorist and the Chairman of the Chinese Communist Party from its inception as China’s governing regime in 1949 until his death in 1976. Economically, Tse-Tung is known for his introduction of multiple famous economic policies and five year plans, including the first Five Year Plan of 1953 and the subsequent Great Leap Forward, credited as responsible for completely redefining and modernizing the Chinese economy. In addition, Tse-Tung is held responsible by many Chinese for the decades of poverty and suffering inflicted on the population during his despotic, tyrannical rule. While much of the Chinese population now remember Tse-Tung as an out-of-touch, power-mad, murderous
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The reluctance of the West to lend technology, capital and a market to the growing Chinese economy as a result of the Korean War had all but forced Peking to turn to the Soviet Union, who under Khrushchev was more than willing to give China technical assistance and economic aid. This Soviet influence led China to adopt a socialist heavy industry development strategy known as the ‘Big Push.’ Through this, the Communist Party reduced consumption while giving rapid industrialization high priority, achieved by the government taking control of a large part of the economy and redirecting resources into the creation of new industry. By 1952, at the expense of capitalist private sector development and the equivalent of 20 billion US Dollars in social funds (Kaiming, S. 1986 p. 212), the Chinese economy had grown exponentially in the fields of light industry and the production of raw …show more content…
Of the total state investment in capital construction, of which 58 percent of which went for industry, only 6.7 percent had been allocated for agriculture, forestry, and water conservation (Kaiming, S. 1986. pp 213, 214). As a result, the development of agriculture stagnated, remaining much the same as it had in feudal times, and lagged far behind as the rest of the economy modernized. The high production targets of the Five Year Plan also led to a decline in quality craftsmanship of these projects, as quantity was in high demand. However, in spite of these shortcomings and mistakes, the first Five Year Plan was carried out with great successes in the goal of transforming the ancient nation into a modern industrialized economy in relatively little
The reluctance of the West to lend technology, capital and a market to the growing Chinese economy as a result of the Korean War had all but forced Peking to turn to the Soviet Union, who under Khrushchev was more than willing to give China technical assistance and economic aid. This Soviet influence led China to adopt a socialist heavy industry development strategy known as the ‘Big Push.’ Through this, the Communist Party reduced consumption while giving rapid industrialization high priority, achieved by the government taking control of a large part of the economy and redirecting resources into the creation of new industry. By 1952, at the expense of capitalist private sector development and the equivalent of 20 billion US Dollars in social funds (Kaiming, S. 1986 p. 212), the Chinese economy had grown exponentially in the fields of light industry and the production of raw …show more content…
Of the total state investment in capital construction, of which 58 percent of which went for industry, only 6.7 percent had been allocated for agriculture, forestry, and water conservation (Kaiming, S. 1986. pp 213, 214). As a result, the development of agriculture stagnated, remaining much the same as it had in feudal times, and lagged far behind as the rest of the economy modernized. The high production targets of the Five Year Plan also led to a decline in quality craftsmanship of these projects, as quantity was in high demand. However, in spite of these shortcomings and mistakes, the first Five Year Plan was carried out with great successes in the goal of transforming the ancient nation into a modern industrialized economy in relatively little