Dr. Cheng, a native of Guangdong Province, is professor of economics at Ball State University, Muncie, Indiana. He was for ten years consultant to the National Science Foundation, during which time he served as chief investigator with the Research Project on Scientific and Engineering Manpower in China. Among his many books on China’s economy are Communist China’s Economy, 1949–1962; Economic Relations Between Peking and Moscow; China’s Allocation of Fixed Capital Investment; The Machine-Building Industry in Communist China; and China’s Petroleum Industry: Output Growth and Export Potential.

Lee considers four competing development theories and examines China’s economic development using the competing explanations. She provides insight into the dynamic nature of the international division of labor through development theories. Lee cautions “peripheral countries” about opening up their economies because of potential exploitation and dependency. […] It is an interesting read for those interested in development and Chinese economy. Suitable as an undergraduate textbook.- D. Li, University of Texas at Dallas, Choice Review, January 2025

• 1. Geographical Setting and Natural Endowment 2. Ideological Background 3. Collectivization of Agriculture 4. Evolution of the Commune System 5. Socialist Transformation of the Urban Economy 6. Formulation and Implementation of the Central Plans 7. Material Distribution and Market Control 8. Price-Wage Structure and Policies 9. The Strategies of Development 10. Growth and Fluctuations in the National Economy 11. The Industrialization Program 12. Agricultural Development 13. Changes in the Structure of the Economy 14. International Economic Relations