Russia submitting to “shock therapy” ignores that Yeltsin dissolved parliament, and attacked those who wanted the Soviet system back with tanks. He wasn’t “listening to the economic science” he was capitulating to the west and new oligarchs.

@emanuelneagu14

2 жыл бұрын

he was listening to "experts", same that tell us capitalism is the best way.

@melelconquistador

2 жыл бұрын

@Matthew Morycinski When did they get back on the saddle?

@KateeAngel

2 жыл бұрын

Those who wanted Soviet system back were literally a hunch of politicians who made an anti-democratic coup. Millions of people in Moscow went to protest against them. Don't try to pretend that they were any good. Not that Yeltsin was great either, but those guys weren't for sure

@davidegaruti2582

2 жыл бұрын

@@KateeAngel ok , so when they made a referendum in 1991 and 77% of the voters wanted to keep the USSR , Was that still a bunch of politicians ? en.wikipedia.org/wiki/1991_Soviet_Union_referendum?wprov=sfla1

@sjnsingh1

2 жыл бұрын

@@KateeAngel Yeltsin attacked the democratically elected parliament, the communists won the first elections. This was well after the abortive coup attempt.

Whenever Milton Friedman says something is a bad idea, you know you are on the right path

@LuizAlexPhoenix

2 жыл бұрын

"You can't feed children for free" the men from Chicago said. "Haha, literacy goes brrrrrr. Absolute poverty goes poof!" The chinese people answered.

@russell6817

2 жыл бұрын

aint that the truth haha

@lexneuron

2 жыл бұрын

🤣🤣🤣🤣🤣🤣👉👍❗

@gupyb4165

2 жыл бұрын

Milton Friedman: No, don't print money, you will start an inflation. Donald Trump: Observe.

@Srijit1946

2 жыл бұрын

@@gupyb4165 kzread.info/dash/bejne/aWmpxsyhZsvRf9Y.html

This really portrayed China's 1980s reforms in a informative and objective way, especially when compared to PragerU, whose answer is "a few Chinese farmers taught Deng how to do the free market".

@Student0Toucher

2 жыл бұрын

This is literally a pro commie channel you can’t be serious

@michaelajustin3443

2 жыл бұрын

​@@Student0Toucher Then I'll call you pro right wing. If you automatically call something that portrays China in any positive way as "pro commie", then you're view of the world is one that's very skewed and euro-centric. You suggest this channel is bias when you don't seem to be willing to widen up and open to new information.

@michaelajustin3443

2 жыл бұрын

@@Student0Toucher Nope she covered the basic points.

@petergreen5337

2 жыл бұрын

yes ,for once an objective argument.

@OscarInAsia

Жыл бұрын

PragerU is a right wing corporatists propaganda channel, and should not be used in any discussion about serious topics.

China did a few things right: 1. Get its population educated. Literacy rate increase from 15-25% in 1949 to 97% in 2018. 2. Break social class barriers. Cultural Revolution, yes, it's brutal, it caused enormous damage, but the Chinese society was completely rebuilt, it became more equal. 3. Thanks to decades of Western sanctions, China had to built the most complete industrial ecosystem in the entire world, it had to make everything themselves! 4. No more XXX-lisms, heads down, hands on. Another by-products of the Cultural Revolution, people had enough of chaos caused by doctrinal disagreements. 5. Effective top-down management. CCP is the most competent government of our world. Yes, I said it. it's the most competent government.

@jasonzhang6257

Жыл бұрын

1 & 2 were completed in Mao's period before 1980‘s’

@user-se9xy5ji3u

Жыл бұрын

@@jasonzhang6257 In fact, in contrast to these, the more important thing that the founding fathers of China did was to make decisions. Many events that greatly affected the country were effectively and accurately handled by the founding fathers, forming a solid foundation for the country. It is not that these founding fathers contributed much to the economy, but their decisions actually benefited those who came after them to make China what it is today.

@rimaq_

Жыл бұрын

@Anthony C exactly, it's derogative to call it CCP, when it's the Communist Party of China

@user-dl6sl7lm4r

Жыл бұрын

在我看来，没有文化大革命中国现在会更好，它阻碍了中国十几年的发展

You guys left out the role of the CPC. Yes, China was poorer than most African countries. But its literacy and human development level was on par with most First World countries. This allowed the CPC bureaucracy to actually implement the reforms mandated by Beijing, something that very few developing economies manage to pull off.

@JordanJ1263

2 жыл бұрын

Exactly. Disappointed this crucial element was ignored.

@elonmusksellssnakeoil1744

2 жыл бұрын

Thank you for using the correct acronym CPC and not the sinophobic and incorrect CCP.

@tudoraragornofgreyscot8482

2 жыл бұрын

@@elonmusksellssnakeoil1744 >sinophobic How?

@ThatsABean

2 жыл бұрын

The entire video is about how the market reforms worked because of the leadership of the state aka the CPC tho?

@PutXi_Whipped

2 жыл бұрын

Mao-numental!

So glad this video is back, it was wonderful

@Deraphim

2 жыл бұрын

I thought it sounded familiar. So it is a repost? Did anything change?

@hes_alive

2 жыл бұрын

@@Deraphim There was some hardcore Sinoboo stuff at the beginning which they removed if I’m not mistaken, sure, the basis of the claims wasn’t wrong but it made China seem like a perfect paradise which is not factual.

As a person who grew up in Kazakhstan in the 90th I can confirm those claims 100%

@almaskussembayev8972

2 жыл бұрын

I concur

@factualclass

2 жыл бұрын

Kazakhstan is so far away from a free market, i would suggest looking up the top free market economics and the least free market economics and see where do you think the average person is better off. I'm not familiar with the economics history of Kazakhstan so I don't know the journey it took. But based off your comment, I'm guessing there was a period that it tried to go towards freer markets. But the fact it's not a well-known free market economy now makes me think they didn't make the journey. I would say don't forsake the destination (free markets) when the path taken ended in disaster. The issue is the path, look into it and then you'll discover the true problem. I'm guessing political greed and it's close friends.

@AndrewManook

2 жыл бұрын

@@factualclass Pretty much every free market economy is deeply in stagnation. Infact Japan and South Korea had their highest growth during their state driven development era, this was when they were most prosperous as well.

@factualclass

2 жыл бұрын

@@AndrewManook well stagnation and a livng in absolute poverty are two different things. Successful shifts to freer market economics (whatever path or flavor of it is ) have lifted billions of people out of poverty. Once the majority of the population isn't starving, most have their basic needs met, and your society has access to an abundance of goods. Then one can start discussing how institutions can help those that haven't succeeded yet and hit the next level. I doubt anyone living in these stagnating market economy societies would rather move to a country that has had little to no market economy. The most successful strong government countries (good and fully funded welfare programs, heavily resistribute wealth) rely on free markets to help people produce wealth. Singapore, and Sweeden are a great example of this. They are top in economic freedom rankings (behond the US rankings) yet they tax heavily, and have big successful government programs. I think the dynamic of govermenent vs market economics is a false dichotomy. Those that want to use the power of government to help those in need should take advantage of the system that is proven to create the wealth and reosurces of prosperity. Then shoot to create the systems and institutions to funnel those gains to the those you want to help. There is no need to break the wheel, just repurpose it to fit your machine.

@stephendaley266

2 жыл бұрын

@@factualclass Then why was the west (CIA) so keen on destroying the USSR? The breakup of the Soviet Union made living conditions WORSE for average workers in every conceivable way. Let's compare Cuba (commies) and Haiti (capitalists) for a moment. Pick a measurement. Life expectancy. Extreme poverty. Infant mortality. By any reasonable measure, Cuban citizens are infinity better off than their Hatian counterparts. This is despite decades of a murderous economic blocade by the USA against Cuba. Also after decades of 'humanitarian assistance' the USA sent to Haiti. If Capitalists would simply leave Socialist and Communist nations in peace, they'd be doing just fine.

The greatest difference between African nations and China in the 1970’s was that China had a huge incentive to invest in its citizens human capital (in terms of high literacy and infrastructure). All subsaharan nations were forced to divert most of their economic resources to closed mercantile systems and to help enrich European investors. Very little was spent on human capital and necessary infrastructure. That’s what makes all the difference.

@petergreen5337

2 жыл бұрын

absolutely correct, also remember the oil shocks of 1973 and 1979.

@jackholman5008

2 жыл бұрын

Also China is mostly ethnically homogeneous and is 1 country not 54

@michelangelomissoni945

2 жыл бұрын

@@jackholman5008 “The greatest difference between African countries” is what I said.

@xxxwang5574

Жыл бұрын

the west only need the resources and slavers of Africa. hundred years, they didn't invest infrastructures to help Africa do modernization to be able to be independent of the control of the west. China is sharp to build infrastructures in Africa, now the west politicians and medias talk shit.

@ninisky2706

Жыл бұрын

@@jackholman5008 China is not ethnically homogenous. It is true that the majority is Han, but it’s a majority of 1 billion people, which means that 100 million people (1/3 of the United States) is comprised of different ethnic groups, 55 to be exact. Naming ethnic homogeneity as a reason for prosperity is originally a white supremacist argument that has no real standing. The tensions from culturally diverse countries arise when some minority groups are oppressed. The problem is the oppression not the diversity

I wish the US invested in its infrastructure like China does

@PutXi_Whipped

2 жыл бұрын

I wish the US never fought a war since 1979 like China has.

@Yet.Another.Rapper.KiG.V2

2 жыл бұрын

They are capitalists, they are constitutionally incapable of doing anything that doesn't result in short-term profits.

@om-nj2hw

2 жыл бұрын

Were too partisan and give too many tax breaks to billionaires that throw us a few lousy paying jobs in return

@TheKenShain

2 жыл бұрын

The US DID invest in its infrastructure...in the fifties and early sixties. JFK's murder killed all that.

@ckkanet

2 жыл бұрын

In China the State owns all land, they can remove entire villages that have been around for 1000 years. Just like they did for the 3 gorges damn. Plus some lines operate at a loss just to grow the economy as a whole. America could never do what China has done.

Watching this before it disappears again

@sungod1384

2 жыл бұрын

what did the first upload say?

@GuilhermePereira-vi6vc

2 жыл бұрын

@@sungod1384 I didn't see the first upload so I don't know if it was the same or a different video

Isabella had a great piece in the Summer 2021 issue of Jacobin on the same topic. Great to see her doing stuff here too.

You probably should have mentioned the very important role the strong base built under Mao played for the development of China, such as massive literacy programs, etc

@PutXi_Whipped

2 жыл бұрын

Yup Mao turned the peasants into the proletariat.

@bosatsu76

2 жыл бұрын

Mao murdered scholars, burnt books, broke China's connection to its culture, and replaced it with one man rule hero worship... Communities have no cohesion because everyone was snitching on everyone else for decades, still do... Chinese love their families, and their military... That's about it... They don't love each other, or their long history. China's wealth came from its willingness to destroy their environment, keep their people enslaved to the corporation and State, and America's stupid Walmart shoppers...

@hamobu

2 жыл бұрын

Omg! Mao was a monster who destroyed Chinese people. The only good thing he did for China was to get nuclear weapons.

@leocitywrestling7029

2 жыл бұрын

They wont, they'd rather stray from it if it differs away from the rightful truth

@Andy-km1xp

2 жыл бұрын

Don’t forget millions of deaths, banning of art, even martial arts, and workers being put in fields using useless steel machines like slaves

"China will collapse" 40 years later: "any minute now"

@Geneu97

2 жыл бұрын

Check out its empty cities! I'm sure that's financly stable, to depend on an inflated housing market, and complete state run everything....

@ZILtoid1991

2 жыл бұрын

If China ever collapses, it'll due to its autocratic system wanting to control people's life too much. Economically it's too big to fail, and unless Xi gets replaced by someone incompetent, then that won't happen in the near future.

@LAK2049

2 жыл бұрын

@@Geneu97 it's called city planning. Built city from ground up. Then populate the city then construction is done.

@bennelong8451

2 жыл бұрын

China actually collapsed in the 70s it’s just a reality tv show now

@ShinobiXRevived

2 жыл бұрын

@@Geneu97 Hey, it's 2022. The "empty cities" slander started in 2008 around the time of the Beijing Olympics. It's clear that you don't know, so I'll enlighten you - those cities aren't empty anymore, it's 12 years later and it's clear to everyone who actually cares to look into the matter that China made a smart move. The "empty cities" line is a line of outdated shit-talk and you sound like an uninformed person who is stuck in the past. But hey, truly I don't really blame you, you're only repeating the propaganda that you're supposed to believe. People will keep repeating lies and slander about China up until the "oh shit" moment when they finally realize that China is undeniable. China has advanced A LOT in a very short period of time, 10 years ago in China is unrecognizable to the present, which is hard for Americans to grasp because all we know is neglect by our government. A country actually investing in itself is a foreign concept, literally.

Yo, Gravel Institute, will you guys talk about urban planning at some point by having on Climate Town?

@trollfacepow

2 жыл бұрын

And not just bikes!!

@hamirconsoleses5442

2 жыл бұрын

And our changing climate!

@seanpol9863

2 жыл бұрын

@@hamirconsoleses5442 😎🤘

@seanpol9863

2 жыл бұрын

@eyyy go into The Gravel Institute's community section (click their profile pic, you'll see the option for this there) of their channel and repost this request there as they are looking for ideas from their subscribers for what topics to discuss. They may not see it here otherwise.

@biochemicalracketeering3018

2 жыл бұрын

Fuckin yes!!

I like the video overall, but I have to say that I have a big beef with referring to the Soviet Union as just "Russia". It was more than that, and many, many of them fared significantly worse than Russia did owing to Shock Therapy. Ukraine for instance had 2/3 of its economy annihilated, virtually overnight. If the Soviets or any other nation with similarly planned economic systems had, through military and economic pressure, forced a similarly radical change in a western nation and it somehow ended up with as catastrophic results as the fall of the SU did, it would have been held up to this day as one of the greatest crimes against humanity ever perpetrated. For the Soviets though, there are only crickets.

@Mahalakshmi-Khan

2 жыл бұрын

So true

@Prauwlet213

2 жыл бұрын

So true

@DialecticRed

2 жыл бұрын

Well said.

@zdzislawzasadniczy5953

2 жыл бұрын

And Belarus first got off the "free" market path and saved most of its economy. The longer you follow Milton's advices the poorer you get. by the way, there is NO NOBEL PRIZE IN THE FIELD OF ECONOMY for God's sake!

@kmiotek9078

2 жыл бұрын

what about Poland then? We also implemented shock therapy, and got vastly better results than even China when measuring in current gpd per capita. You can't just point to the ussr and claim that "everything bad cause shock therapy". This argument is simplified to the point of disinformation. Russia did not follow the advice of shock therapy proponents, they sold their industry to oligarchs. There is a difference. And with all that being said I'm not pro shock therapy, but this video hinges on being propaganda, and that I can't stand.

You can't explain stagnation in South America or the collapse of Russia after the USSR fell apart without mentioning Neoliberal imperialism by the west. This makes it sound like the stagnation/collapse was because they were bad at capitalism when it was intentionally caused by the west and masterminded by neoliberal economists like Milton Friedman and Larry Summers

@Mahalakshmi-Khan

2 жыл бұрын

yup!

@SHVRWK

2 жыл бұрын

Not our fault your economies are so fragile to capitalism and trade lol you don't actually see the irony in your comments.

@user-cx9nc4pj8w

2 жыл бұрын

You also can't without mentioning endemic corruption and regional instability. Ultimately, if you want to develop at any reasonable pace you need help from outside, and the most money is found in investors, whether they're from China or the West. Corruption and Instability make investment extremely unattractive, which plays a large part in why China has risen whilst Latin America has not.

@TheQueen-sw4th

2 жыл бұрын

@@SHVRWK Ukrainian flag in name. Opinion invalid

@SHVRWK

2 жыл бұрын

@@TheQueen-sw4th This is the 7th time someone replies with the same overused phrase here lmao Even in your jokes and memes you commies are unoriginal.

Gravel makes PragerU look like preschool material.

@zyanego3170

2 жыл бұрын

At least preschool material is actually based on facts.

@ernstthalmann4306

2 жыл бұрын

@@zyanego3170 I bet you believe Jesus rode dinosaurs 🦕 🤣 😂

@senthan09

2 жыл бұрын

@@zyanego3170 the side burning and banning books wants to speak about facts?

@unsavedprogress1419

2 жыл бұрын

Gravel should partner with Second thought

@ernstthalmann4306

2 жыл бұрын

@@unsavedprogress1419 absolutely

Thank you for mentioning Russia! Yes, under socialism we were an industrial, technological and military superpower. Now we are for three decades stagnating, robbing and fighting each other, dying out as a nation (this being compensated only by migration from even poorer post-Soviet republics) and reliant on imports for everything from nails to microchips. In the early 1990s our prime minister Gaidar asked why we needed an airliner manufacturing industry, a car industry, etc when we could just sell resources and buy them abroad. This thinking educated an entire generation of "effective managers" who still think the same way. They suffered a rude awakening in February when the West introduced its new sanctions.

@Yet.Another.Rapper.KiG.V2

2 жыл бұрын

Hopefully as China and Russia stand together against the West in this new era, socialism will once again find its way to the ex-Soviet countries! The precedence in both the political/economic structures as well as the culture and attitudes of former Soviet people will surely help!

@seadkolasinac7220

2 жыл бұрын

@@Yet.Another.Rapper.KiG.V2 the Chinese and Russian leaders are capitalists, and their opposition to the West won't change that fact. The West isn't forcing them to be capitalist, they are choosing to themselves. If you think this is going to change, you're deluding yourself.

@defenstrator4660

2 жыл бұрын

Under socialism the USSR didn’t make it’s first factory to produce toilet paper until 1969. It accomplished a great deal of scientific and military achievement through the mass suffering of its citizens. After the fall of the USSR it was estimated the economy was running at half the capacity it was capable of due to central planning. The fact that the new government is as shit as the old government.is not the west’s fault.

@12321dantheman

2 жыл бұрын

@@Yet.Another.Rapper.KiG.V2 "we should support russia against the west in case they decide to become socialist again" is a massive cope

@Pozafria

2 жыл бұрын

@@chz3710 Slava sovietsky Ukraina

I hope that you don't remove the video again and hopefully put Spanish subtitles. It is excellent material and needs to be shared. Greeting from Chile

@krejados1

2 жыл бұрын

If you can, read Naomi Klein's book, The Shock Doctrine. She details South American countries' horrors of shock therapy.

What timing! I'm currently reading "Blackshirts and Reds: Rational Fascism and the Overthrow of Communism" by Michael Parenti (and learning so much about how the free-market created dramatic poverty and income inequality in former SSRs).

@naberville3305

2 жыл бұрын

Good book. I do think the bit on left anti-communism is applicable here tho

@eldizo_

2 жыл бұрын

Remember to watch yellow Parenti too

@kristoffer3000

2 жыл бұрын

@@eldizo_ Yellow Parenti is what turned me from a unsure socialist into a fully fledged die-hard Marxist-Leninist, that speech alone has radicalized so many people it's astounding.

@shoro12

2 жыл бұрын

Blackshirts & Reds is by far one of my favorite books.

@anuraglamichhane1733

2 жыл бұрын

Stalin's fingers is one of my favorite chapters from the book "Blackshirts..."

0:17 A lot of people in China were peasant farmers, at the time. China then began to transition towards manufacturing. And then built-up other important aspects of Infrastructure. Thanks to education access. Which made it easy for millions of former peasants to transition into Middle Class.

@TheDizzieC

2 жыл бұрын

If China was still ROC millions of peasant farmers would still be that way.

@krejados1

2 жыл бұрын

Your assessment overlooks the economic stewardship the CPC practised throughout. Absent that, the country's transformation could not have taken place.

@AndrewManook

2 жыл бұрын

@@krejados1 CPC

@krejados1

2 жыл бұрын

@@AndrewManook My mistake, thanks for correction.

@petergreen5337

2 жыл бұрын

indeed

thanks for re uploading this! I didn't catch it the first time around and is so very well made and informative 👌🏼

One thing that was not mentioned, regarding China being one of the wealthiest countries in world during Adam Smith's time, then being one of the poorest countries in the world post WWII, is the role of Western Europe (in particular Britain) and the USA during the mid-1800's through WWII. The opium wars, Japan's invasion, among many other things damaged China's economy, much of which led to their poor economic situation. They had internal issues as well during this time, but the impact of the western world and Japan on China cannot be ignored. The other thing I think worth mentioning, is that a simple explanation of China's economic model might be a different way of saying "socialism with Chinese characteristics". China's economy is essentially a hybrid model, socialism where it makes sense (for them) and capitalism where it makes sense (for them). They've essentially tailored their economy to their culture. In America, Communism and Socialism are four letter words, even though, if you look under the surface, we're trying to achieve (but failing miserably) at doing what China has done. We just don't realize it. The Democrats and Republicans would love nothing else than to be the single party ruling the country - this would be no different than China, a single party rule. We're essentially a hybrid economy given our heavy subsidies to corporations, but these are not controlled subsidies, which is where China shines. In some ways, I think of China's government and economy as being run more like a business, which I think is why they have achieved so much success. What other country has 5 year plans like businesses do? And they constantly revise them, like successful companies do. Unfortunately, the average American doesn't realize the level of propaganda we are fed by our government and media when it comes to countries that we don't consider allies.

@xygog2408

2 жыл бұрын

There are other countries where the government are very focused and operating a hybrid system as well, such as Singapore. I think it's only in the US that government and SOE are dirty words.

@Mathadar

2 жыл бұрын

As well as the pro china propaganda I have to read/watch daily on youtube, and other social media. The problem I have is the amount of "towing the party line" I see, and any questions result in jail time/re-education. Success comes at a cost, always.

@Fluxquark

Жыл бұрын

@@Mathadar Actually having consequences for politicians/civil servants if they fuck up is a good thing because it means mistakes get corrected. There are so many examples across the Western world of politicians just completely fucking shit up because they're incompetent morons yet they stay in power. This is why the west and more decidedly so the USA have started to terminally decline.

@ajiththomas2465

Жыл бұрын

Hard disagree. Any country claiming to practice "socialism with X characteristics" is almost always just a fascist country hiding behind the aesthetic of socialism. "China's economy is essentially a hybrid model, socialism where it makes sense (for them) and capitalism where it makes sense (for them). They've essentially tailored their economy to their culture." So has Norway. Norway's economy is essentially a hybrid model, socialism where it makes sense (for them) and capitalism where it makes sense (for them). They've essentially tailored their economy to their culture. So similar to Norway, China is a social democracy (with social democracy referring to the economic model of regulated capitalism with strong welfare, not the form of government). The only real reason why people won't have the spine to actually call China that is because China is majority non-white. If China was majority white, no one would hesitate in calling it a social democracy. The major difference between Norway and China is that Norway is a democratic social democracy while China is an autocratic social democracy. Although in essence, China is a fascistic state capitalist dictatorship. Socialism is NOT when the state own the means of production, it's when *_the workers_* own the means of production. There is a very _fine_ line between the two. If one doesn't distinguish between the two, then even fascist governments fit under that definition of a "socialist" government. (Note: I'm not calling you a fascist or a tankie nor am I trying to criticize you personally, I'm criticizing the arguments and ideas. Keep that in mind). I don’t like when leftists confuse progress with the revolutionary goal of socialism. Industrial progress and social programs aren’t socialism, the Marxist regimes could have done just as well under social democracies with similar results. The country's transformation was not contingent on being run by a state capitalist dictatorship. The revolutionary goal is far distinct from what these regimes produced. America and Japan also saw such developments. America through the Hamiltonian American School of Economics. Which was protectionist of domestic manufacturing, and government involvement in economic affairs. This isn’t particularly groundbreaking or revolutionary. These were the conditions of undeveloped rural societies and economies. I think it needs to be pointed out, China has historically always been an economic powerhouse, the nineteenth and early twentieth century were the exception, not the rule. It stands to reason that, once it catches up to the West technologically, it would retake it's place as a dominant economy regardless of leadership or economic system. Now, one can debate which system makes that transition easiest, fastest, with the least human suffering, etc. But China was inevitably going to become an economic power once it threw off the chains of the Qing and foreign meddling. Whether it be Russia from the time of Lenin to Putin or China from the time of Mao to Jinping, these so-called "Socialist/Communist" countries have never been socialist. It's pretty much always been an authoritarian state capitalist dictatorship. The workers have never really owned the means of production or had that much strong worker rights to begin with. They ended up trading one authoritarian government for another, with the Chinese courts and Russian courts being replaced by the Chinese Communist Party (CCP) elite and Communist Party of the Soviet Union (CPSU) elite respectively. State owned is not the same thing as worker owned though they tend to get conflated with each other when people talk about "public ownership" of the means of production. The state _can_ be a mechanism for which the workers can publicly own the the means of production but it is _not_ the only mechanism and isn't always the best one either depending on the situation. Socialism is NOT when the government controls the economy. Socialism is when the workers publicly own the means of production, not the state. Workers owning the means of production is the fundamental component of Marxism and leftism. Marx said, "Workers of the world unite!", NOT "Authoritarian statists of the world unite!". If a government claims to be socialist but if the workers don't own the means of production and/or there isn't at least some decommodification of certain things, then it's not a socialist government. Actions speak louder than words and names. Case in point, the Democratic People's Republic of Korea, otherwise known as North Korea. *Tankie:* Wait, China/Russia is capitalist? *Socialist/Anarchist:* Always has been. I've seen seen some tankies try to obfuscate from how obviously un-socialist the USSR/CPSU and China/CCP are by trying to use the definition of how the CPSU and CCP are made up of the working class and the state owning the means of productions and exerting control of the economy is the same as the workers owning the means of production, and thus makes it quote unquote "socialist". It's obviously not because the CPSU and the CCP being made up by the working class is utterly meaningless because every society ever is made up by a majority of the working class people and membership is not the same thing as leadership and control of the means of production. By that logic, the USA is a socialist government because it exerts control over the economy and it's made up of the working class. By that logic, Nazi Germany and Mussolini's Italy and Imperial Japan and Ancient Egypt under the Pharaohs are all "socialist" states because they control their economies and are made up of the working class. I can also look up the membership population of the Democrat Party and how many of them are working class people. There would be no difference because population does not correlate to the leadership structure of the Chinese Communist Party, which is simply a party aristocracy. To address the CCP specifically, in China, elections occur only at the local level, not the national level. China is among few contemporary party-led dictatorships to not hold any direct elections at the national level. The competitive nature of the elections is highly constrained by the Communist Party's monopoly on power in China, limitations on free speech, and government interference with the elections. The CCP tightly controls the nomination and election processes at every level in the people's congress system with the tiered, indirect electoral mechanism in the People's Congress system ensures that deputies at the highest levels face no semblance of electoral accountability to the Chinese citizenry. So it doesn't matter in the slightest how much of the CCP is made up of working class people when their votes are practically non-existent and the national level "representatives" are decided by the CCP elite. It's an autocracy, a dictatorship of the bourgeoise under a new aesthetic. It's not socialist but a fascistic state capitalist dictatorship. That is how flaccid these tankies' definition of quote unquote "socialism" (read: fascism) is. When you don't make the clear distinction between the state owning the means of production and the workers owning the means of production, then even fascist states can be considered "socialist" states. Socialism is inherently democratic. It's about workplace democracy, of having the workers have a say in how their workplace is run and voting on what policies and wages to enact. You know, actual socialism rather than these tankies' pathetic statist simping for fascist state capitalist dictatorships like China and the USSR, Vietnam, North Korea, etc. *(Note: I'm not calling you a fascist or a tankie nor am I trying to criticize you personally, I'm criticizing the arguments and ideas. Keep that in mind).*

@binathere2574

Жыл бұрын

@@ajiththomas2465 now all they have to do is get the youth in China working. "Lying flat" and "let it rot" will topple the economy.

Another banger. Not sure what you guys have planned next, but I'm looking forward!

great analysis, thanks! (never trusted Milton Friedman)

When I look at China's spiderwebbing high speed rail system I get so jealous that I feel like my blood will literally boil, lol. Meanwhile, here in the states, all we have is the Acela Amtrak line that only runs along the BosWas (WasBos?) corridor, and can't even run a sustained high speed due to a "slowdown" area along the line somewhere 🤦🏾‍♂️ I'm happy that the Chinese people get to reap the benefits of what they've accomplished though.

@adanactnomew7085

2 жыл бұрын

To be fair, the US has a really good highway network. It just turns out cars are terribly inefficient and bad for society.

@PutXi_Whipped

2 жыл бұрын

@@adanactnomew7085 The network is fine, the highways themselves are in disrepair like the vast majority of American infrastructure.

@Rommie26

2 жыл бұрын

You do know China is way more densely populated than the US right? Population density matters when it comes to high speed rail

@Rommie26

2 жыл бұрын

@@PutXi_Whipped actually the US is somehow in the top countries for best infrastructure

@Sigma-xb6kn

2 жыл бұрын

@@Rommie26 Population density also matters when it comes to highways yet those are rarely questioned on these grounds...

It’s disappointing the video skipped over China’s 19th-century history with zero mention of foreign economic exploitation. Why even contrast China’s wealth in the 18th century and its poverty in the 20th if you’re not going to explain how that occurred?

@chitgoansiau4678

Жыл бұрын

Leftist are mostly moran just as you prove it. I am Taiwanese who likes history a lot, trust me, I know better on the subject of Chinese history. The prosperity of Shanghai in the late 19th century and early 20th century is the proof Chinese live better in the Colonies era, which is opposite to your claim. Go search Taiping Heavenly Kingdom, that kills 40% of Chinese population, which is the paradise style life you mentioned.

@user-kw7ei6qw5c

Жыл бұрын

说得好🤓🤓🤓

Great video! Keep up the good work!

Ooh, I've been interested in Isabella Weber's book for a bit-glad to see her featured here!

Thank god you guys brought this video back! It is byfar your most informative video! This is what I love about the gravel institute! Presenting complex topics in a easy to understand format. And dispelling misconceptions and lies while doing it! Please keep up the good work! ❤

@petergreen5337

2 жыл бұрын

absolutely.

@Tahoza

Жыл бұрын

Is this a reupload?

@kkounal974

Жыл бұрын

Eh oversimplified it a little. Also very questionable predictions at the start and calling the USSR "state socialism" when even Lenin called it state capitalism is telling.

@indiasuperclean6969

Жыл бұрын

THIS VERY FAKE NEWS PLS DELETE! CHINA IS VERY POOR COUNTRY! 😠😠ONLY MY RICH INDIA IS NUMBER ONE 🤗🇮🇳 PLEASE LISTEN TO MODI THE SUPER LEADER 🤗🇮🇳 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA 🤗🇮🇳 THE CLEANEST COUNTRY IN THE WORLD , WE NEVER DO SCAM AND MOST IMPORTANT WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA TRUST ME 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗

@rajeshupadhyay5683

Жыл бұрын

Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement

I’m glad this video got its chance to air properly.

Excellent video. Unfortunately I had to punch my monitor when Milton Friedman came up since the mere mention of him sends me into a blind rage.

@Democrities

Жыл бұрын

There needs to be a phrase that follows the mention of his name like how religious Jews always follow the mention of emperor Hadrian with “May his bones be ground to dust.”

@johnwright9372

Жыл бұрын

Friedman was an acolyte of Friedrich Hayek and his Austrian school of thought which produced the crazy neoliberal economic ideology. There was only one thing wrong with the mantra that free market capitalism was the panacea for all ills; it was bollocks. China took all the benefits of Western liberalism and free trade while not practising free trade itself at all.

@ChaoticM3thod

Жыл бұрын

touch grass

@desi_anarch

2 ай бұрын

Hahah same

Anyone who listened to Milton Friedman ended up worse than before

@amihart9269

2 жыл бұрын

And yet it's Friedman's name everyone knows, it's Friedman who was given prestigious awards from western organizations, you'll hardly ever find an English speaker who can name 1 Chinese economist.

@ShubhamBhushanCC

2 жыл бұрын

@@amihart9269 that is truly a crying shame

@ShinobiXRevived

2 жыл бұрын

@@amihart9269 Long term that will change. The USA is already done for but of course like any dying empire they're not just going to give up, they're going to go down swinging - lying about China until the point where China becomes becomes undeniable and therefore can't be lied about anymore.

@rickb3650

2 жыл бұрын

@@amihart9269 The Nobel Committee doesn't like ideas that don't fit into the approved narrative.

@TheDizzieC

2 жыл бұрын

@@amihart9269 It's turns out you can be dumber than a rock, but if you can hire a good PR team, the world will think you a genius.

Really cool to have professor Isabella Weber on this channel! The fate of the countries that did implement shock therapy, as well as the struggles of most developing countries that liberalised and integrated into the neoliberal world economy, resoundingly speaks to the bankrupcy of the Washington consensus and its proponents.

@petergreen5337

2 жыл бұрын

absolutely.

@ThePhantom712

2 жыл бұрын

So how is washington bankrupt i thought they had over 20 trillion a year.

@sustainablerenewableintegr8311

Жыл бұрын

The horrors of a liberalised economy are fully unfolded in my country right now. No thanks to that "national embarrassment" of ours for introducing it way back in the early 2010s!

Deng Xiao Ping' s approach was 'crossing the river by the feeling the stones'. It denotes a programmatic approach (often through trial and error) in the opening of the economy and reforms.

This was a really informative video!! Can't wait to see what y'all put out next :))

Its important to note that reforms arent all that was involved. The early form socialism took in China was vital in changing China in a way that would actually draw in capital and investment. Pre socialist China could never have done that, the early form of socialist brought literacy, education, life expectancy, stability, unity, and the foundational bedrock of development that made China an envy of western capital, China now had resources, and workforces that was in high demand, all China needed was the investment, technology, and markets to sell to, this would be their path to such rapid growth, and this concession to partial market reforms served a secondary purpose, it appeased capital, which typically resorts to violence when something impedes their profits, like Bolivian socialism which prioritized its people over providing cheap access to lithium. China was no longer (as heavily) targeted by the west, giving them much more freedom to grow, the foundation of this was also laid out during the earlier years with Chinese foreign policy. The CPC now has the backbone of its society under socialist ownership, and regulates the markets introduced to curb too much exploitation and stomp out corruption, they can from this position, as we have seen in the last decade, reign in the economy and slowly raise labor rights and expand public services, including their most exemplary initiative, the poverty alleviation which without, we would be seeing the global poverty rate worsening.

@AndrewManook

2 жыл бұрын

Also a lot of internal investment which was their primary method for growth, China's government invested the most in productive areas of the economy. FDI is very limited in scale and scope due to profit motive, so economies that rely solely on that will never achieve their growth targets.

@petergreen5337

2 жыл бұрын

well reasoned ,the evidence supports your argument.

@AndrewManook

Жыл бұрын

@@kennethli8 You are definitely not a Chinese person born in China and also China's debt is all owed to itself, debt is an issue of trust, in reality it doesn't exist, we know banks create money out of thin air, just ask Richard Werner. You would know this if you even understood a little about economics instead of just parroting whatever bs you see online.

@AndrewManook

Жыл бұрын

@@kennethli8 Also investment in infrastructure is never unproductive, it is literally the backbone of an economy and no economy would function without it.

@PowersOfDarkness

Жыл бұрын

@@kennethli8 "ccp" lol

Very informative!

China understands how to run a country

@texajp1946

2 жыл бұрын

Chinese politicians are engineers, usa politicians are lawyers, and the result is clear

@user-kq5pj9py9c

Жыл бұрын

5000 years

Russia took the Trojan Horse. Who would've thought their enemies didn't actually want to help...

USSR's "reform" was just a coup, not reforms

@ims3312

Жыл бұрын

This does not explain the stagnation that followed Mr Putin's renewed coup. For 20 years Russia's economic curve was equivalent to the oil price curve.

@SocialismForAll

Жыл бұрын

@@ims3312 I'm not following you

@ims3312

Жыл бұрын

@@SocialismForAll You said there was a coup in the Soviet Union, and then the industry was divided up by oligarchs, and then Putin took control of the oligarchs, which means the government could actually dominate the economy, but Russia still became a resource exporter.

@SocialismForAll

Жыл бұрын

@@ims3312 I think you're misunderstanding. Putin just helped to organize & consolidate the anarchic, mafia-run type of capitalism that existed in the 90s into more of an orderly thing. It was not a fundamental change away from capitalism at all.

All 'Asian Tiger' economies had heavy state influence. Mainland China aside, Japan used zaibatsus, Korea used chaebols, the Republic of China specialized in niche electronics, Hong Kong had a deal with the People's Republic to be the middleman for nearly all foreign capital, Macau was specially designated by the People's Republic to be a gambling city, and Singapore was under the one-party authoritarian control of Lee Kuan Yew. And the anti-communist countries all benefited from America's Marshall Plan equivalent in Asia.

@trogdor8942

2 жыл бұрын

Zaibatsus and Chaebols are not government-run. They are like large monopolistic companies in the US that can often receive assistance from the government. I would think that a viewer of this channel would disapprove of crony capitalist institutions such as these.

@Firedragonisthebestforever

2 жыл бұрын

I'm from Hongkong and I want independent :(

@unifieddynasty

2 жыл бұрын

@@trogdor8942 I never stated "government-run". I stated, "heavy state influence." The collusion of state and corporation where the two are often effectively one and the same is a refutation specifically of those who would use Asian countries as examples of free market capitalist success.

@trogdor8942

2 жыл бұрын

@@unifieddynasty I'm not going to pretend that I'm an expert on Zaibatsus and Chaebols, but I think that one could argue that they both could have hindered Japan and South Korea's economies because monopolistic corporations can cause a lot of problems.

@unifieddynasty

2 жыл бұрын

@@trogdor8942 That's a fair perspective. I will say that the zaibatsus and chaebols are intimately linked to those countries' foundations. Had they not existed, who knows how Japan and Korea would've turned out.

Does anyone know an other channel like this one with 10 min long videos ? The length is perfect I watch one every day ! Thanks !

Great video, very interesting!

Fantastic work. I have been.involved in economics/finance for 25years. This is the most logical discussion I have heard.

@ThePhantom712

2 жыл бұрын

Its good isnt it but I feel like theres more to the story then this video shows.

@ruedelta

2 жыл бұрын

@@ThePhantom712 There is. Overall, China followed Singapore in terms of adopting models on governance, especially as it relates to economics. Additionally, there was a lot of human capital investment back in the Mao era that was required to make human capital rather skilled (or at least literate), creating the conditions for a strong entry into the global marketplace. Investments from Japan as well are crucial to understanding the full puzzle. The best takeaway probably is that you need to succeed in a lot of ways to get the kind of success China has, and often times this results in a zero sum race. China developing this fast means a lot of other countries can't (e.g. Indonesia).

@jesuscobos2201

2 жыл бұрын

This can not be true

@pr0newbie

Жыл бұрын

@@jesuscobos2201 It isn't. Indonesia is benefitting tremendously from China trade and investment over the past 5 - 10 years. So much so that the collective West (incl. Japan) have been accusing the Indonesian government of being in bed with the Chinese. The Western capitalists do not like competition and are going all out to slander China. This guy's clueless.

@pr0newbie

Жыл бұрын

​@@jesuscobos2201 Let me give you a real-life example. The infrastructure and logistics investment in Indonesia over the past 10 years mean that rural villagers in Indonesia now have direct access to regional markets, and are able to lift themselves out of poverty. Coffee growers, craftsmen and women, doll-makers etc. are now able to run their own mini-businesses thanks to Chinese logistics (J&T, SF) and global e-commerce companies (Shopee, Alibaba). I personally have purchased a 1m tall polar bear for $10 from one of these doll-makers. Think of what a fundamentally positive impact this is for human capital and poverty alleviation in these areas. You can see why middle-men, monopolists and imperialists do not like this empowerment.

I am sorry Professor but I don't agree with your description of planned economy. The system was not rigid as you say. Market economy is also similarly limited. In USSR and China the threat of foreign invasion was very real, so a lot of their finances were spent on defense. Otherwise there is nothing preventing a planned economy like let's say Stalin's USSR to be much more flexible than Capitalist economies (which it was). The former had industrialized very quickly because it could invest on Dept. 1 industries when all of society's finances and resources were concentrated in a central planning set up. Moreover, the planning process was also very democratic and participatory. Sidney and Beatrice Webb have described it in Vol II of Soviet Communism. You may read it. In case of China, Charles Bettleheim covered it. Moreover I may also add a few things about GDP. 1) GDP is a bourgeois statistical measure which uses total expenditure as a yardstick of prosperity. In other words, it is basically total commodity production. Communist countries aim to get rid of commodity production so it is unfavorable measuring system. 2) In China, a lot of production happened in communes (where goods, raw materials and machines/tools were just allocated according to its plan, not sold), moreover they had free housing, free healthcare, free education, etc. The market reforms commodified these industries leading to growth. 3) A similar phenomenon is visible in communist USSR (1928-53) where G.I. Kharin predicted a much lower growth rate but in actual fact it was very high in terms of Industrialization and prosperity of people. 4) Taimur Rahman proved that in both systems (Maoism and Dengism) the growth rate was largely the same, thus the "Rise of China" is a continuation not rejection of Mao. 5) If we see industrial growth and labor productivity alone however, we come to the conclusion that Maoist China laid foundation for the Capitalist China. If Maoist industries didn't exist, they could not have been privatized and commodified as was correctly pointed out by Dongping Han. This is when I don't mention the fact that majority Chinese growth is because of real estate speculation which is impossible in Communist economy and which led to massive homelessness in China. EDIT "Desperately poor" You know China had a world record in increasing life expectancy of the people under Mao. We ought to ask, what is poverty? What is prosperity?

@mick-wz6yu

2 жыл бұрын

I need to save this comment

@USERZ123XD

2 жыл бұрын

the increase in life expectancy is also due to no more war, it doesn't help your population live long if 15 years old are in battles or being refugees.

@someesingh2827

2 жыл бұрын

@@USERZ123XD I agree. But in my opinion, China's democratic and progressive policies at that time also have a role. I would recommend a comparison with India in this particular example.

@filho4437

2 жыл бұрын

It's also hilarious that she uses the Jenga analogy when when she admits herself that China began from nothing to begin with. Russia restructured already in place infrastructure that people were relying on. China had nothing so they could do more and lose less. They didn't have to rebuild anything. It was all a blank slate.

@someesingh2827

2 жыл бұрын

@@filho4437 not true. Maoist China was an industrialized country contrary to popular myth. It's industrial production (not GDP) was much much greater than countries of similar GDP per capita. As I always say, compare China with India and Pakistan, not Sweden and Norway

It's not quite so simple but the general idea is correct, neoliberalism has never worked anywhere, in Russia it had the most catastrophic results but pretty much every country that implemented neoliberalism (Which is 90% of the world) has been on a decline depending on how well cushioned they are (Welfare, state investment etc). India for example after electing modi went on an even bigger privatisation trend, the result was that even prior to Covid the economy started to fall into really low growth rates (4%) and 200 million Indians had fallen back into poverty (This is despite India's poverty line being lower than the world banks). China is a market socialist economy which is state driven, most of the non essential stuff is driven by the market with government oversight whilst the most important stuff like transportation, energy and welfare are heavily government controlled, in addition China creates credit and invests that into productive parts of the economy like infrastructure, manufacturing and R&D, this is why it has been able to outpace other socialist economies. Basically the economic structure of China is majorly socialist with some capitalist elements.

@Bolognabeef

2 жыл бұрын

Didn't work you say? So why Poland adopted an even more free market approach than Russia and it never suffered a crisis until covid? Or deregulating and lowering taxes in Hungary, Ireland and the Baltics made them improve their standard of living, unemployment, poverty rate to the best they've ever had? Or why are the nation with highest economic freedom also the richest? Explain this. India and Russia didn't succeed where others did (west Germany, Poland etc) simply because of CORRUPTION. Obviously a shock therapy is risky noone denies it...

@AndrewManook

2 жыл бұрын

@@Bolognabeef No offence but none of the nations you listed are what I would consider an economic success. Except for Ireland but then again they are a tax haven. Also looks like you completely ignored everything I said.

@Onkoe

2 жыл бұрын

I'm not sure if you can call it "majorly socialist" while China still has the commodity form with no plans to control or stop the economy from overtaking citizens. Besides, with China having almost as many billionaires as the USA, can we really say that it's developed itself to have a desirable system? The human rights violations don't help either, of course. I think we need to imagine a socialism that's different from China's "half-socialism." Particularly one that keeps away from mass surveillance, censorship, and genocide...

@Strongpoint100

2 жыл бұрын

@@AndrewManook Then why are basically all "neoliberal" nations richer than China if you actually look at gdp per capita?

@AndrewManook

2 жыл бұрын

@@Strongpoint100 Because GDP per capita is not wealth. Edit: It's just GDP divided by the population, it measures neither wealth nor development.

Such a great video with a lot of clear breakdowns!

Thanks you for this one

Hey Gravel Institute, great work guys. I am African, from Tanzania 🇹🇿. Can you guys help me shed some light on the real reason behind Africa's extremely underdevelopment even after decades of an absence of colonialism ? Why has most of South Asia & Latin America taken off, leaving Sub Saharan Africa the greatest concentration of poverty on the planet. Also, I believe a fundalmental discovery could be made by applying the Critical Theory(what ever that means, I've never really gotten my head around the idea/theory😀) or a version of it, to the power dynamics in African governments. I tend to believe part of the root cause lies in the power structures in many of African states. 🤘🏾👍🏽🇹🇿🤝🏽🤝🏿🤘🏿

@ShinobiXRevived

2 жыл бұрын

Watch their video about France and Africa

@user-dy4rh5vz4w

2 жыл бұрын

You can read Wen Tiejun's book "De-Dependence“

@rmacd7373

2 жыл бұрын

I think because colonialism was rapidly replaced with neocolonialism so many liberation movements became merely cosmetic

@TheDizzieC

2 жыл бұрын

How is your country doing on repaying all the IMF loans Europe forced on your country? Pretty sure you all paid them back 20x over, but interest is a bitch.

@HiddenAgendas

2 жыл бұрын

Don't worry, China is helping Africa, but it will take time because the west keeps interfering in development and trade. Funny how Mike Pompeo landed in Africa on an airport built by China, then rode on a road laid down by China, just to Warn Africans leaders to not trust China. lol

Thank you very much for INSIGHTFUL and well reasoned lecture.

Wonderful video, nicely done. Love it!

It's remarkable how she managed to forget role of western imperialism in rapid decline of Chinese economy.

the best explanation on the macroeconomics of China, among others. We are grateful for this

Wow so nicely and clearly explained. Kudos!

Excellent observation, I am looking forward to viewing more related videos. By the time I got more time and opportunity, I am serious about reading your book.

Milton Friedman learned his garbage economics from Ayn Rand, and then handed that cockeyed system to Alan Greenspan. And we all know how that led to multiple bubbles and crashes. Hey! Look! Here comes another...💥💥💥

@cmlon

2 жыл бұрын

yep, like our Evergrande, Fantasia, Sunac, Sinic, Modern Land... etc...

@laqueefasteinberg4981

Жыл бұрын

All of whom were JEWISH. Im sure thats just a concidence.

As a UMass student it’s really cool to see Professor Weber on here! Our economics program is so cool.

Wonderful one!

You forgot mentioning one important factor. Chinese leadership, Deng himself included, decided to copy the system in Singapore. Over the years it has sent thousands "communist economists" and government officials to Singapore to be trained. Before it went on full scale copying, it set up a couple of "experimental regions", including a little village that is now known as Shenzhen. While in the copying process they learned and applied practical knowledge to the next wave of experimental regions, except they no longer call them in such names.

@s._3560

2 жыл бұрын

You mean study trips to gain a deeper first-hand knowledge of what others are doing well and emulate them.

@andrewlim7751

Жыл бұрын

There're even training programs for the ccp officials conducted by Singapore, that was the agreement between Deng and Lee KY.

@beavegan2787

Жыл бұрын

I doubt. China is an Alpha male. Singapore is only a Beta/Gamma male.

@s._3560

Жыл бұрын

@@beavegan2787 Yes, China has gone on to also learnt alot more from other countries around the world. Tiny Singapore just gave them a start. They had to to catch up with the others after a tumultuous 100 plus years of invasions, civil war and revolution. Nowadays, Singaporean officials have to go China to learn from them - a Singaporean minister has disclosed. Now China can build their own space station, space probe and in Singapore, we don't even build our own cars.

@xinyiquan666

Жыл бұрын

stop BS, there were chinese officers in singpore to study modern city management, not grand economy policy, stop overstate the things,

Interestingly, China has had a similar economic model going back millennia. Under the Confucian hierarchy, the state is at the top and is expected to perform in a paternalistic manner, while merchants are close to the bottom, below farmers and craftsmen, since traders and moneylenders are perceived as not creating much value of their own. A good example of this sort of state control is that of the 'Ever-Normal Granaries' controlled by the state to stabilize food prices.

@onigiri5053

2 жыл бұрын

Actually merchants are close to top in china economy boom. People like ma huateng, jack ma share the power in ccp. But in recent years they are not.

@unifieddynasty

Жыл бұрын

@@onigiri5053 Actually no they aren't. The Chinese state both had the power and used the power to stop Alibaba's IPO just a few months ago, and they even bragged about it. Corporations in China serve the Chinese state at the leisure of the Chinese state. Corporations have very little influence over the state in China. Moreover, my statement was regarding the "Confucian hierarchy" used by China "going back millennia". It is factually correct to state that the Chinese merchant class is among the lowest classes in Chinese society.

@user-ve7cd1kd2s

Жыл бұрын

@@unifieddynasty 中国领导人都是熟读历史的高手，最会的就是总结历史经验教训，控制人民的能力已经达到巅峰😀

@elmohead

Жыл бұрын

I would argue that the current govt system is a reflection of Chinese empires of the past. One single party, but a lot of cliques and sects inside, all fighting for power and influence.

@juanlu3958

Жыл бұрын

Lol,what heck you talk about?Mainland brainwashed commie Chinese have one billion people under 300 dollars a month,They are modern slavers,They are one of most poor people on this planet,but theirs slaver owners are rich. And mainland commie Chinese are not the real Chinese,what Chinese commie party did to them 70 years changed them forever.They are not even should be consider the normal human being .

Also, check out Naomi Klein's book, The Shock Doctrine. She gets to the roots of shock therapy and explains its near-global proliferation

Excellent video, concise and precise.

Nicely done professor. Thanks.

The most Western economist did not realize China's advantage.The first, Large enough land area.The second,Enough educated people.The third,Multi-dimensional industrial chain.When I hear someone talk about China's economic problems ,always about the different between the free trade and the national economy.But the turth is China can operate the two economic systems at the same time,and find the way to make the two systems promote each other's development .at first ,China let national econom focus on large project,like High-speed rail ,space flight and so on, free trade focus on same small project,like clothing ,internet,New media and so on.also, there are some Government agencies in China,can manage every industries.

@robertseaborne5758

Жыл бұрын

indeed, the PRC always has been very Yin-yang, a scientific, symbolic expression of how nature synthesises opposites.

Nah. Just admit it guys. This is sponsored by Jenga for you to advertise their product.

Wow very informative!!🔥🔥🔥

Rarely have I seen such a short yet enriching telling of these strange year in global economic history Great job on this video

I wish they went into more details other than just the dual-price model, but very refreshing to hear this version of history!

@northwest783

Жыл бұрын

hi ,tell you my personal experience if helps : I grew up in the time the change was occurring 1981 - 2000, in the 80s my dad used to make 400 RMB ( about 80 Canadian dollar ) a month and that was considered higher then average income of most Chinese , the government wanted to connect Chinese market to the world s one but scared that if they just suddenly let the price to match up with the world fee markets price no Chinese ppl could afford to live that d be a disaster so they had controlled price for most must haves then free price for other goods like bikes , shoes , toys etc .

@aoeu256

Жыл бұрын

China's family planning policy (people in the city could only have 1 child unless they were a skilled worker who could afford a large fine) also helped China out. The deadly combination of lobbying by oil/car companies, unskilled workers having 3+ children, and click-bait media have made convenient city living less attractive so people live in sleepy suburbs...

there was a fundamental difference between China and other third world country, China was a civilized country but in decline, they retained educated population while African country didnt, all they needed were foreign investment, technologies and time, other than that, China already had everything that a powerful country should possess, culture, tradition, morale, unity, etc.

Very nice and objective analysis!

Very insightful observations.👍👍

China's economy is a hybrid economy. It's tried and tested for effectiveness and they discard the ones that doesn't work. It keeps changing and they don't allow privatization and if they did corporations don't hold power in politics. That's how the US lost control of their economy and while not improving the education systems that can create better learned graduates to help in the economy. Corporations destroy the US economy while wars enriched the MIC which controls the government. Cost of living increased and salaries need to increase but it didn't and production cost also increased and they can't compete in pricing, Who want's to buy made in America with high over costs when it can be purchased in Asian countries at a lower cost. See what I'm getting at?

@laqueefasteinberg4981

Жыл бұрын

Yup, military and their wars are always the death of the economy. Americans refuse to let go of their military patriotism, so will take the economy to grave with them.

@ronniechew6566

Жыл бұрын

@@laqueefasteinberg4981 It's already happening and they don't have a reverse gear so I'm expecting worse to come for working people.

The key difference in the outcomes of opening up of the Russian economy and the Chinese economy is this - in Russia, they implemented glasnost before perestroika, or both at the same time. In China, they open up the economy and the restructuring (perestroika) only, while the political sphere remains firmly under the CPC - no glasnost. The rest is history. There are actually precedents to this. Hong Kong prospered and boom under the British with zero democracy, but plenty of free market. Ditto for Singapore which though in name a democracy but operates more like a state run free market. Same goes for South Korea and Taiwan before they evolved their current forms of democracy. Too much democracy can be bad for the country's development. All the Asian Tigers are hybrids - free market economies with not-so-free politics - with some semblance of democracy.

Great work

Amazing investigative reporting. I have your book.

I'm from Brazil and we were one of the only countries that survived the 1990s developing countries effort. Brazil did privatize a lot but the State had a lot to sell and contracts were mostly well done. For a long time I thought Jeffrey Sachs was responsible for the Russian crisis but thought the problems were caused by the shock therapy the fact that the US blocked the IMF from lending to Russia, Ukraine, Belarus and other eastern block countries. Senator Gravel is not alive anymore but I think it's not completely correct to ignore that it was free markets in the west who aiming at being more profitable moved their manufacturing to China. We must also remember the economic growth was the CCP's answer to the huge massacher at the Celestial Peace Square in Beijing. I'm not a free marketeer (I'm not even an economist!) and I know Shock Therapy doesn't work (I'm old) but I also know things are always more complex than they seem. Free makets - just like commanded economies - don't work. What the CCP managed to do is what Khrushchev tried to implement in the USSR: a socialist system with prices to guide production and consumption. Brazil's accumulated inflation from 1985 to 1994 is over 80,000,000,000%. I've seen lots of economic plans go nowhere and I learned there's no silver bullet nor a system that will reach an infinite steady state. From Shock Therapy to War Time Commanded Economies with very limited political freedom there's a distance probably equal to each system's distance from a social democratic/Keynesian/Smithian fair and free competition with welfare state system. Free Markets are an invention of the 1970s and Adam Smith was against it - he was for free and fair *competition* and understood it would require State intervention and regulation. The fundamental mistake the video makes is the creation of a unidimensional polarization between two systems. I do understand the video is short but this is something to be avoided. In Brazil, nowadays, some people also long for the times of the Brazilian Miracle under a military dictatorship in the early 1970s.

@gwenguan3068

Жыл бұрын

The so-called Celestial Peace massacre was a lie, pls to check more info, like some file films from other countries ( not China’s). It’s a complex story, I meant the government was not totally innocent but definitely no massacre there. Instead, hundreds of soldiers were kill by being burned, hung,shot by some fake students. there are many horrible pictures can be searched for. If u are kind and honest, it’s necessary to look for the truth, other than misleading others or misunderstand those died soldiers. Besides, those soldiers were banned from shooting the protesters so their arms were grabbed. And some clips (u may have watched) that people running in hurry carrying some injuries, actually was a conflict happened in other place in Beijing not on the square.

Will you provide captions in Spanish? I'd love to show these videos to family members without having to pause so often to translate lol

Glad to see you back

Explain very well I fully understand thank you.

When they were shown Modern Technology, the Chinese used it to great effect. This is what happens in a Pragmatic Society. Rather than a Warlord Society, that plagued their country for decades.

Thank you for re-uploading it, even if it is a version edited to be more palatable to the West.

Hey your citation link isn’t live and I would like to learn more can you guys fix it?

Reading her book now! It's great.

9:07 This means they can use the land, if something important has to be done. And not get a backlash for it.

@andrewzhu5890

Жыл бұрын

In fact, this means that farmers can use the land allocated to them for free, but they can't buy or sell it. If the government carries out infrastructure construction there, it will pay a lot of demolition costs to land users. Many people in China have become rich because of this, especially those farmers around big cities. So now in China, demolition means getting rich for ordinary people

China is the only country in the world whose rise is through sheer hardwork and peaceful means-no war,no destruction,no bloodshed and no colonization. As such,China should be given due recognition and respect from the world. However, the West in general and the US in particular,have develop so much of fear and animosities that they have become paranoid about China. What a shame!!

@jonmart97

Жыл бұрын

illegal taking over of Tibet? war with India and Vietnam? war with USA in Korea, USSR border war? don't be cocky.

@B121AN1

Жыл бұрын

If you ignore the years before 1980 that is.

@HackerHacker-bh2xv

Жыл бұрын

@@B121AN1 can't ignore mistakes, but you can't negate the success of the present because of them either

@B121AN1

Жыл бұрын

@@HackerHacker-bh2xv and that’s why saying that China’s rise is without ‘mistakes’ like the original comment said is misleading and shouldn’t be ignored.

gdp measurement is only a very rough method. It depends more on life expectancy, literacy rate, food involvement per capita, disposable income per capita…

Spitting straight facts as ever

I found it interesting when you mentioned that America was heavily pushing the Shock Therapy model to their economic adversaries. Top economists pushed the idea that would case calamity and ruin, as a good thing. Shock therapy, to me, is like having access to a mass amount of food after being starved for weeks. Consuming too much food, too rapidly, after being starved, is detrimental to your digestive system. Slowing eating the right foods to build back your system, to be able to consume everything in time, is the best way. China completely ignored American economist advice, and implemented Duo-track pricing and reforms based on first-world historical precedents, and has built the fastest growing economy in history! Becoming a super-power in just over 2 decades! Russia listened to the American economists and became a broken basket-case for decades and is now run by bloodthirsty dictator who pines for the Soviet days. I am not saying this to bash the US. If anything, those American prize winning economists knew exactly what they were doing. Steer your competition in a direction that ensure YOU stay on top. If you are in a highly competitive corporate career, you have seen co-workers do this to others. Give a 'friend' bad advice that ensures they don't move up, but still play nice when the screwed over employee depends on them.

@laqueefasteinberg4981

Жыл бұрын

Nobody should listen to america/britain in anything.

@aoeu256

Жыл бұрын

Russia didn't listen out of choice... they were forced by the Western military spending to adopt the policies and they helped the West out as a lot of Russian assets left the West, and many Western companies could buy out Russian assets.

@kennarajora6532

Жыл бұрын

Reminds me of the neoliberal policies that the World Bank and IMF pushed on African nations in the 1990s or Latin America in the 1980s, the latter of which led to the so called 'Lost Decade'. During the HIV/AIDS pandemic, the World Bank advised many countries in Africa to cut or remove subsidies to healthcare. The policy contributed to making Africa the worst hit region by the crisis. What you said about American economists misleading other nations into adopting policies that are counter-productive to their goals reminds me of a book a read a while ago called "Kicking Down The Ladder: Development Strategy in Historical Perspective". You may have already read it, but if you haven't then I'd recommend it. It talks about how policies which are considered 'bad economics' (such as protectionism or strict FDI control) were actually used by rich nations to help them get where they are today. It then talks about how these rich nations are preventing poorer nations from using these same strategies to become rich, hence the name "Kicking Down The Ladder".

@ascendedbro1828

Жыл бұрын

"is now run by bloodthirsty dictator who pines for the Soviet days" - Correction: for the days of Russian empire.

It is / was the way. Basically take what is good from capitalism, but don’t overdo it; and keep the good part of the socialism, and keep that i the system, that is what it is. I have been in China for 20 years now, that’s what I experienced even though I was educated by the West. Now that I am an employer in China, you can call me capitalist, but not blindly just profit and profit al the time. I have to help to blend in for he greater good to the society. The social program is a burden but I think it’s necessary. cannot be just a win for me and a lose for the poor people. Living in harmony is the key here.

@lastnamefirstname2390

Жыл бұрын

Exactly. There needs to be a balance of doing what's best for society and yourself. Sweden is a perfect example of this.

Great Work

Loved the video, might wanna redo the citation link though...it doesn't seem to be the right page.

If the US says you are doing the wrong thing, then congratulation, you are on your right track

@leekang-s1262

Жыл бұрын

UK and US are full of jealous people. they hate to see someone else success but always talk about human right and peace.

Gravel Institute let's GOOOOOO

Sometimes a dragon can fly lower than an eagle, but an eagle can never fly as high as a dragon. In reality, most countries are just chickens.

Insightful

As a chinese person myself, thank you for this informative video and complex explanation made simple; Without many of the state-owned enterprises (and the rock-solid executive ability by the CPC), the majority of investments in things like infrastructure would be much more difficult as they would be concerned about profits and not the greater well-being of society as a whole.

@Student0Toucher

2 жыл бұрын

Lol greater well being in china lol

@kiritofight893

Жыл бұрын

@@Student0Toucher We use 40 years to cross the road that you have embarked on for a hundred years

@user-bv1pz5yl5c

Жыл бұрын

@@Student0Toucher Lol lol lOl LOL

@Student0Toucher

Жыл бұрын

@@kiritofight893 No lol China is not at the same level the U.S is in and has not elevated the world in technology,accomplishments and liberalism as much as America did especially before the 2000s

@koreano.1328

Жыл бұрын

@@Student0Toucher China has a vast land and abundant resources, the second largest economy in the world, a few countries that are completely self-sufficient, and most of them can be made domestically. There is a space station in space, a probe on Mars, an independent military, and the people's economy is constantly improving. This is why happiness. LOL LOL LOL

8:10 China is a 5000 years old civilization which has the most richest historical records in the world, they know deeply how valuable stability is and how many disasters big change will bring.

@minli3562

Жыл бұрын

like wise, 分久必合，合久必分, the importance of stability promises success and safety

wish u could have gotten into the details of the major industries in China and talked about the summary of each industry one by one and how they did it or what they did differently in it.

Thank you, Prof. Weber.