In this paper, we will closely examine Chinas economy after 1950. The economic development of the People's Republic of China has received attention recently for a number of reasons. Firstly, the country's immense size, the fact that in 1990 China's population stood at 1.13 billion, means that one country's development path involves almost one third of the total world population (Simpson). Secondly, China's unique approach to development is entirely different to any other developing country's socially, politically and economically. Any decisions made concerning development strategies conform to the Marxist ideological Doctrine and that this approach sought not only to transform the economy, but to change the entire structure of society.
