Are there substantial differences between capitalist and socialist industrialization in late-developing countries? We explore original accumulation in “ socialist” China (1953-1957) and in “ capitalist” Taiwan (1953-1960) for clues to answers to this question. Our analysis focuses on two dynamic industry-oriented, state-centered accumulation strategies. In each we explore the role of land reform and the use of such extractive and control mechanisms as taxation and compulsory purchase, market controls, and wage, price, and income policies. The comparative analysis provides insight into the possibilities and costs associated with “ socialist” and “ capitalist” industrialization.