This was a slim but indispensable book for understanding the PRC's capitalist reversal. This book has two main things going for it:
1. A concise but thorough outline of the economic organization of the PRC during the Mao period, including conceptualizations that clarify the differences between aspects that on the surface may appear the same as, but actually differ from, aspects of other attempts at socialist construction elsewhere, and finally, a look at the dismantlement of this system and the reinstitution of capitalism following the ascent of the capitalist roaders.
2. While there are several other books to choose from vis-a-vis post-1978 capitalist reforms in China (see From Victory to Defeat by this book's co-author Pao Yu-Ching or the recent From Commune to Capitalism: How China's Peasants Lost Collective Farming and Gained Urban Poverty by Zhun Xu), this book also presents a novel and very useful way of conceptualizing socialism which can be applied more broadly to great effect. Namely, the authors suggest a dialectical understanding of socialism as opposed to the prescriptivism which many 21st-century communists lean on, especially in the imperial core. That is to say, they argue against a checklist of so-called socialist characteristics in favor of assessing the motion of revolutionary society towards communism or towards capitalism as the yardstick for declaring a country socialist.
This immediately brought to my mind the example of the NEP, which they indeed touched on. Using this metric, we can comfortably call the NEP socialist, because even though many reforms were bourgeois in nature, such as land reform (also seen in New Democratic Revolution China), they were instituted in such a way as to lay the foundations of socialism, and in fact, carried within them seeds of communism. While this comparison is not brought up in the book, we could compare this to Tito-era Yugoslavia, in which NEP-style policies and state ownership of productive forces were deemed adequately socialist in and of themselves and were where socialist construction stopped, like the Lius and Dengs would have had China do if it were up to them. This would therefore not be socialist, even though an idealistic reading would draw numerous parallels between the NEP-era USSR and Yugoslavia.
This book has many other gems which make it a worthwhile read, I will definitely be referring back to it in the future.