22 July 1977: Deng Xiaoping takes power in China

After the death of Mao Zedong, Deng Xiaoping returned to power on this day in 1977 to lead China in to a new age of reform and prosperity.

Deng Xiaoping © Sovfoto/Universal Images Group via Getty Images
Deng Xiaoping: led China through widespread reforms
(Image credit: ©  Getty Images)

Mao Zedong, Communist revolutionary and founding father of the People's Republic of China, governed the country with an iron rod from the day it was founded in 1949 until he died in 1976.

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Ben Judge

Ben studied modern languages at London University's Queen Mary College. After dabbling unhappily in local government finance for a while, he went to work for The Scotsman newspaper in Edinburgh. The launch of the paper's website, scotsman.com, in the early years of the dotcom craze, saw Ben move online to manage the Business and Motors channels before becoming deputy editor with responsibility for all aspects of online production for The Scotsman, Scotland on Sunday and the Edinburgh Evening News websites, along with the papers' Edinburgh Festivals website.

Ben joined MoneyWeek as website editor in 2008, just as the Great Financial Crisis was brewing. He has written extensively for the website and magazine, with a particular emphasis on alternative finance and fintech, including blockchain and bitcoin. 

As an early adopter of bitcoin, Ben bought when the price was under $200, but went on to spend it all on foolish fripperies.