This study begins by examining the tensions growing within "market socialism", explores the class forces that produced it, and the social dislocation that it is generating. Weil offers an analysis of the growing tensions between China and the USA and their roots in China's push to lead in the world market. He also describes the continuing contention between the legacies of Mao Zedong and Deng Xiaoping. Finally, making the case for the inherent instability of "market socialism", Weil offers a challenging perspective on China after Deng, and the implications for the economic and political situation worldwide.