Abstract

Private economy has existed since the ancient times. As a result of differences in the social system, the existing patterns of the private economy have also had great changes, but the content and essence of the private economy has been unchanged all along the time. In the process of development of the private economy in the new China, the phenomenon of fault has ever occurred, which causes the national economy to be on the verge of collapse. Specifically speaking, during the twenty years prior to and following “the Great Cultural Revolution” as the benchmark, the economic condition was extremely horrible. It is quite necessary to conduct a research on causes for the phenomenon of fault, which may offer reference for the party in power and decision makers to avoid any mistake in the future and may make the national economy develop in a healthy and rapid way.

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