Following the disastrous chaos and violence of the cultural revolution, Deng Xiaoping, one of Maoist China's inveterate survivors and a hate figure for Mao himself, began a series of changes of global significance in 1978. Deng's four modernisations (agriculture, industry, education, science and defence), and the policy of opening up China to foreign investment were the product of two fears. Firstly, that a disorderly, anarchic China would eventually see the collapse of party rule, and secondly, that South East Asian capitalism in Taiwan, South Korea and Japan, would eclipse China and leave the country in a highly vulnerable state. Deng's reforms were an integral component in the creation of late 20th and early 21st Century capitalism, bringing hundred of millions of workers into a global economy that saw free market transitions in both the east and the west.

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