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Since 1978 China has undergone a series of radical economic reforms which officially constitute a logical step in the 'initial stage of socialism', and imply a transition from central planning to a mixed economy. In fact the transition taking place is from a soviet type of state capitalism towards private capitalism. (Abstract amended)

THE AUTHOR AGREES WITH PAUL SWEEZY, AUTHOR OF "AFTER CAPITALISM, WHAT?" ON THE FOLLOWING POINTS: NONE OF THE TWENTIETH CENTURY'S REVOLUTIONS WERE SOCIALIST IN THE SENSE MARX USED THE TERM, THESE REVOLUTIONS BROUGHT ELITE BUREAUCRACIES AND NOT THE PROLETARIAT TO POWER, THESE PARTIES STAMPED OUT ALL DEMOCRATIC RIGHTS, AND NONE OF THESE REVOLUTIONS HAVE ABOLISHED THE WAGE RELATION. THE AUTHOR DISAGREES OVER DEFINING CAPITALISM IN TERMS OF WAGE RELATION.

IN THIS CONTRIBUTION TO THE ONGOING DEBATE BETWEEN THE AUTHOR AND PAUL SWEEZY, BETTELHEIM EXAMINES THE CAPITALISTIC ASPECTS OF THE SOVIET ECONOMIC SYSTEM, ARGUES THAT THE ECONOMIC CRISES OF THE COUNTRY RESULT FROM A STRUCTURAL CRISIS IN THE PARTY LEADERSHIP AND POLICY, EXPLORES THE ROLE OF ECONOMIC COMPETITION WITHIN THE SOVIET SYSTEM, AND SEES SOVIET EXPANSIONIST POLICY AS A POTENTIAL ROUTE TO STAGNATION. SWEEZY GIVES A REPLY.