As China opened up its economy over the past four decades, conventional wisdom held that the country's growing embrace of free markets would lead to a more liberal society. Instead, China's unprecedented economic growth has positioned state capitalism as a durable foil to the orthodoxy of free markets, to the confusion of many in the West. Many have commented on China's renewed embrace of Maoist principles. What does this mean for the future of the Chinese economy and relations with the West? What are the implications of China returning to some of the ideological principles spearheaded by Mao Zedong? And how much of China's decades of economic success can be credited to Mao and Maoism? Mao and Markets (Yale University Press, 2023) examines these questions and charts how Mao's ideological principles, mass campaigns, and socialist institutions have enduringly influenced Chinese entrepreneurs, listed companies and provincial and city politicians.