Today, July 1, 2021, is the 100th anniversary of the founding of the Communist Party of China. Celebrations throughout China and commemorations worldwide are taking place today in recognition of the Party’s leadership and its incredible legacy.

The contemporary political economy of the People’s Republic of China, the nature of the Chinese system, has been the subject of much discussion and debate in mainstream academic, media, and political circles, as well as on the left. Yet one can only make sense of contemporary China with a clear understanding of the country’s economic history.