The Economy of Communist China

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4 жыл бұрын

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China was once the wealthiest in the world and now it was struggling to feed itself, it was these kinds of conditions that gave rise to the political system that would go on to define china in the latter half of the twentieth century.
The nation boasted this wealth for a majority of the last millennia only ever trading places with India, another nation that flies under the radar in recorded history. It even achieved and maintained a level of wealth beyond the typical colonial powers like England, France, and the Netherlands that we typically associate with world domination in this period and it did it through good old fashioned grunt.
In this video, we'll explore how it all went wrong in the 20th century.
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📚 Want to learn more about the economy of China? We recommend reading "China's Economy: What Everyone Needs to Know", by Arthur Kroeber
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#China #Communism #Economics
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Sources & Citations -
Nee, V., 1992. Organizational dynamics of market transition: Hybrid forms, property rights, and mixed economy in China. Administrative science quarterly
Chai, J.C., 1998. China: Transition to a market economy. OUP Catalogue
The annual data of China's GDP published on China NBS: National data - annual - national accounts - Cross Domestic Product Archived 14 June 2018
Chi-Yun, C.H.E.N., 2005. Han Dynasty China: Economy, Society, and State Power--A Review of Cho-Yun Hsu, Han Agriculture: The Formation of Early Chinese Agrarian Economy
Cheung, Y.W., Lai, K.S., and Bergman, M., 2004. Dissecting the PPP puzzle: the unconventional roles of nominal exchange rate and price adjustments. Journal of International Economics
Schurmann, F., 1973. Ideology and organization in communist China. Univ of California Press
Chang, J.K., 1969. Industrial Development in Pre-Communist China: A Quantitative Analysis. Aldine Publishing Company
Peng, X., 1987. of the Great Leap Forward in China’s Provinces. Population and development review
Li, W., and Yang, D.T., 2005. The great leap forward: Anatomy of a central planning disaster. Journal of Political Economy
Bachman, D., and Bachman, D.M., 2006. Bureaucracy, economy, and leadership in China: The institutional origins of the Great Leap Forward. Cambridge University Press
Chen, Y., 2009. Cold War competition and food production in China, 1957-1962. Agricultural history
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Пікірлер: 1 100

@EconomicsExplained 4 жыл бұрын

Thanks for watching EE nation! ❤️ If you enjoyed, please consider supporting the show on Patreon! 😎 See new videos early, participate in exclusive Q&As, and more! ➡️ www.patreon.com/EconomicsExplained

@martinsife2283 3 жыл бұрын

Please do a video on the NIGERIAN ECONOMY

@greenkoopa 3 жыл бұрын

I'm American and I love your accent. Choina, croikey 🤗🐢

@ArifKhan-rd3vo 3 жыл бұрын

Power without accountability is dangerous enough to create monster, today's china is Frankenstein's monster created by US president Kissinger and wall street trillion dollars investment, world bank loans. If Chinese are not safe and free in their own country by being hijacked to even facilitate organ harvesting for liberation army in concentration camp, no investor can move their investments. And 49 trillion dollars loans in their close out flow current account, bubble price of real estate and PBOC Chinese central bank assets with vague valuation, lowest liquidity in reserves of 3 trillion. This giant monster is just challenging the world by black mailing collpse of neighbourhood economy with their fall and sea blockade to force all adopt their plan of gaining market by subsidised industries in race, belt route and data hijack dominance by 5g to get alternative proxy dodgy payment method to avoid their imbalance overly loan sinking boat exposed and keep kicking the can down the road until other economies get sucked into Chinese monetary duel circles fiat money printing...How the rest of the world can be safe under their dominance...

@primalforlorn 4 жыл бұрын

Mao: (declare war on sparrows to increase crop production) Sparrows: (almost killed to extinction in China) Locusts: My time has come

@gurumage9555 4 жыл бұрын

*It's free real estate

@sakakaka4064 4 жыл бұрын

@@gurumage9555 old meme

@shockwave2291 4 жыл бұрын

Crops: Finally, a worthy opponent! Our battle will be legendary!

@kanderson5555 4 жыл бұрын

@@gurumage9555 It's 70 years* real estate

@QuietJugung 4 жыл бұрын

This is a ridiculous colonial propaganda. It is even more ridiculous that so many people believe it.

@allwheelarchive 4 жыл бұрын

lmao zedong

@EconomicsExplained 4 жыл бұрын

oh boy, you suck, but you made me chuckle

@thragg00 4 жыл бұрын

noice.

@MalcadorTheSigilite 4 жыл бұрын

Beautiful

@sethyboy0 4 жыл бұрын

This is art

@WheatleyGLaDOS 4 жыл бұрын

You mean the Democrat party? Yeah I agree.

@BlicedSread 4 жыл бұрын

“I don’t get it, just work harder lol”

@kailaine3974 4 жыл бұрын

Blackpilled Saint of course, in a different economic system.

@kailaine3974 4 жыл бұрын

Toby M if only you knew, zoomer 😂

@dsdy1205 4 жыл бұрын

Productivity rises to 100%

@MCHD4 4 жыл бұрын

Strange... these are the same words employers tell their employees

@wallstreetzoomer 3 жыл бұрын

@Blackpilled Saint Democrat is the one that wants income equality

@Vishnu-rf5wk 4 жыл бұрын

The Economics of The Roman Empire would be a really great vedio.

@Torus2112 4 жыл бұрын

Kings and Generals has a couple of videos about that, just fyi.

@AbdulGoodLooks 4 жыл бұрын

@@Torus2112 link please?

@alexandrub8786 4 жыл бұрын

"So,yeah,there were also some slavery.But..."

@Parcian- 4 жыл бұрын

Up!

@Dear_Mr._Isaiah_Deringer 4 жыл бұрын

Issue currency. Debase. Rinse and repeat.

@GhPadua 4 жыл бұрын

Could you do a video on the economy of Socialist Yuguslavia? It was pretty different system of market socialism, it would be pretty interesting to hear from economic systems other than classical capitalism and state communism.

@GhPadua 4 жыл бұрын

Also would love to know more about Georgism :)

@theturkanabus3610 4 жыл бұрын

That is classical capitalism and state capitalism and Yugoslavia had cooperative capitalism

@OhNotThat 4 жыл бұрын

@@theturkanabus3610 whats the different between capitalism and cooperative capitalism and socialism?

@nikolaradosav7750 4 жыл бұрын

yeah, I am from Yugoslavia, now Serbia, it was the best economic system we have ever had, when we changed to "democracy" and "capitalism" everything went to shit, ex-yu countries are one of the shittiest in europe except slovenia.. We had actually beautiful life then, no social difference, a lot higher salaries, life without worries etc... we miss that time, all industry was in worker's hands and place in factory ( let's say financial manager) is controlled by workers who works in that factory... if manager was greedy and filthy workers could change him... it was economic paradise... sorry for my bad English if i had some mistakes... greetings from shitty Serbia

@OhNotThat 4 жыл бұрын

like i hope this isnt as simple as "Socialism that is nice is cooperative capitalism" aka muh goulash communism in hungary, and "Socialism that is bad and meanie, is actually socialism and not capitalism"

@LividLobster 4 жыл бұрын

Rest of the world: *takes steps forward to grow economy* China: “Guys watch, imma do a backflip”

@SgtShella 4 жыл бұрын

wait till they fail and break Super fast

@evankurniawan1311 4 жыл бұрын

@@donaldlee8249 all economy will have setback and very rarely collapsed like Greece did. China's economy have grown for too long. Like very very long time without big crisis. Just like volcanoes, when the pressure built up and didn't let go, the crisis will be very big

@donaldlee8249 4 жыл бұрын

Evan Kurniawan I don’t think economy shares any similarity with volcanoes. But if you insist, I must tell you that China is still a developing country according to IMF, despite its last 30 yrs growth. So I don’t think that day would come in the foreseeable future since China and Chinese market are still underdeveloped instead of overdeveloped to the extend which economic crisis would happen.

@jimboydejuan7869 4 жыл бұрын

United States: Nani?

@Dou_Y 4 жыл бұрын

Evan Kurniawan USA: ?

@MAC-vi7fy 4 жыл бұрын

As an Indian I can say China has come miles ahead. What China was in 1970 and what china is today it's unrecognizable.

@user-bp5qz5jd3f Жыл бұрын

As someone who travelled frequently around the world for the last couple of decades, I say India today remotely resembles China in the 90s. Which means India IS GETTING BETTER,but still not there yet.

@garlandstrife 4 ай бұрын

@@user-bp5qz5jd3f India is still an open toilet

@gfuseau 4 жыл бұрын

“I encourage you to watch the first part” *no links to be found*

@joeeyerman1023 4 жыл бұрын

Search for the 'historic economy of China'

@danyghr 4 жыл бұрын

seriously i hate that

@jimmcneal5292 2 жыл бұрын

You are welcome kzfaq.info/get/bejne/jM9diJyoy8eXc3k.html

@DeviilReaper 4 жыл бұрын

Says "This is China in 1949" - Actually shows China in 1949

@Cyndayn 4 жыл бұрын

Mao: Gotta go backwards to go forwards

@EconomicsExplained 4 жыл бұрын

I mean it is a plan, not a good one. But it is a plan.

@user-sm5sj6mg2t 4 жыл бұрын

They actually did it though. They went back and now they are moving forward. Fast.

@Redfield3X 4 жыл бұрын

Stanisław Kalinowski and by fast u mean they r slowing down and about to collapse cuz of shadowbanking and the biggest debt of the world?

@JunWisewar 4 жыл бұрын

*engage catapult*

@thebandofbastards4934 4 жыл бұрын

@@Redfield3X You mean America ?

@anclss2384 4 жыл бұрын

Mao was based af

@paulomendoza5606 4 жыл бұрын

Marx and his lazy ass won't survive in a Marxist state

@thefirsttime7759 4 жыл бұрын

Communism in a nutshell

@lpflore 4 жыл бұрын

Yep, they misunderstood the whole system, it was rather about an already delevoped society becoming socialist. It has to be a wealthy and developed one so you can automate industry as much as possible so that the workers have to work the least amount possible to make life as comfortable as possible. But those dictators calling themselves socialist basically want to have an excuse to say "You are a glorious worker, so work harder"

@silent_stalker3687 4 жыл бұрын

LPFlore Automate a industry, aka: have engineers and skilled workers work to feed the mouths of those who lack the ability to do skilled work, refused to such as the “why should I learn new skills” Guy, Aka: stagnation and government made monopoly such as the California railroad in isolation and without free market. The government cannot give what it first doesn’t take.

@lpflore 4 жыл бұрын

@@silent_stalker3687 if they are unable to do the skilled work, make them do work that can't be automated but doesn't need skill either. And if the things are paid equally then people can do the job that they want to do. And if a job doesn't have anough people doing it then it gets paid a little better so people start going there. And if a job has way too much people doing it, you get paid less. If you notice something doesn't work, don't just be like "Look, it doesn't work!" you have to rather search for a functioning solution. Only the most intelligent people should sit in a socialist government as they are the only ones able to actually plan and find solutions to problems in a effective way. And heavy regulations against corruption are also needed. Same as regulations so that people don't just come to power because of family connections but only if they are completely enough.

@sor3999 4 жыл бұрын

4:42 Russia literally seized the means of production.

@realtissaye 3 жыл бұрын

bruh

@TomAndersonn 4 жыл бұрын

Chinese Government: Just work harder! Me: ok... Also Chinese Government: You're working too hard, stop showing off in front of your peers! Me: ok...

@mr.kenway4554 4 жыл бұрын

We Chinese people looooved contradictions and faulty logic.

@luigidisanpietro3720 4 жыл бұрын

Just like me trying to love😅

@DaArcaneNinja 4 жыл бұрын

I don't get it? What was the problem for working too hard?

@TomAndersonn 4 жыл бұрын

@@DaArcaneNinja China used to have a bad work culture in the early 20th century. Workers were generally known to be lazy but at the same time if you worked too hard you were considered toxic and a overachiever. It was a very counterproductive environment..

@awdrifter3394 4 жыл бұрын

矛盾。

@CrimsonRand 3 жыл бұрын

Mao and the Sparrows is another gem of central planning

@emilebichelberger7590 3 жыл бұрын

And making iron/steel instead of crops

@EconomicsExplained 4 жыл бұрын

Hi Guys I hope you enjoyed the latest video, as with every video we will be hosting a Q&A session for 1 hour after this video goes live. If you have any questions or comments about the video please just on our live stream available on our second channel here - kzfaq.info/get/bejne/oJ1dmdmomZnMh30.html If you would like to participate in the discussion directly come and join our discord server here - discord.gg/nZuCJRY

@Kimjongun19841 4 жыл бұрын

still whitewashing how westerners ruined china with the opium wars #camp for re educate for that

@bunsen6449 4 жыл бұрын

Ray Ramses did a very in depth video titled Is China Socialist? I would greatly recommend you watch it.

@yogawan3805 4 жыл бұрын

Mao might be fail to make China prosper. But it was Mao that Unite whole China, without Mao, might be No China today.

@shockwave2291 4 жыл бұрын

A question about what you said starting at 8:18 until 9:15. Does promoting individual workers for doing a good job really go against Marxist thought? My understanding is the whole idea behind why Marx critiqued Capitalism is because it incentivized selfishness and greed through the desire to accumulate endless Capital to survive in a Capitalist society. People were promoted based on how much they could profit. Whereas Marx's ideal Communist/ Socialist system would eliminate that desire entirely, and therefore workers would not be promoted on that basis any longer. However, as we have seen in other Socialist countries such as the Soviet Union, people were still promoted on the basis of their individual contributions to society (e.g. Yuri Gagarin for being the first man in Space, Georgy Zhukov for his military victories during WWII). I believe your analysis that Mao's reasoning for punishing the 'good' workers was more to do with him being a ruthless dictator that eliminated anyone that posed a threat to his power, rather than a pursuit of ''true equality", is a correct one.

@ArawnOfAnnwn 4 жыл бұрын

This completely skipped over why China was starving at the start of this timeline (which wasn't covered in the previous video either). It wasn't just Japan, but also the European powers (most notably the UK).

@KittySnicker 4 жыл бұрын

Gee who would’ve thought punishing people for working hard would stifle economic growth. *mind blown*

@sor3999 4 жыл бұрын

That's what happens when insecure good for nothings come to power.

@dunk8157 4 жыл бұрын

I can highly recommend reading a book called Wild Swans, its first hand experience of a woman growing up in China sand starts with her grandmother in the last days of Empire, then her mother then her. It's pretty hard to describe the chaos that tormented peoples lives duting this period but the book does it very well. One thing not mentioned here is Mao exported a lot of the food that was being grown, and didnt leave enough for the country to live on, I think due to people overestimating their yields as they would be punished if they didnt produce enough.

@hubertsang7418 Жыл бұрын

Overestimating the yields, cooking the numbers, fudging the numbers is a typical ploy in communist countries, where the lower-local officials change the numbers to keep the quotas up to date and the leaders at the top happy. The export of the crops was to pay back the soviet union's help.

@lelouchvibritannia1788 4 жыл бұрын

How did civil war effect the Economy? Would have been cool to know. Also please make a video about Taiwan?

@Cyndayn 4 жыл бұрын

Which civil war?

@feroxseneca8997 4 жыл бұрын

Cyndayn Obviously the Chinese Civil War.

@bronzewaffle2310 4 жыл бұрын

Cyndayn the American civil war obviously

@brendanvaughan4011 4 жыл бұрын

@@Cyndayn Bruh this is why I wrote a stupid long comment, there was a nearly decade long civil war in china that the video author made literally no mention of.

@keonveon9802 4 жыл бұрын

Brendan Vaughan It was actually 3 decades of civil war. Granted, there were cease fires and this includes the civil war from the war against the Qing dynasty to the communist winning, but still a long time of instability.

@zhongshuai7375 4 жыл бұрын

Chinese here, I think this is a reasonably well researched and unbiased video, and basically corresponds with what we've been taught in China. For anyone who cared to listen, I'd like to share my opinion about why nowadays Mao isn't widely seen as a demon in China, but instead 'a mixture of contribution and mistake'. First, I don't think it has much to do with personal worship anymore, since most Chinese agree the Great Leap Forward was a catastrophic failure, and the Cultural Revolution may be even worse (some would say it's treason, against a country he established). Soon after Mao's death, his personality cult collapsed too. Second, it's often overlooked that the top priority of Mao's administration wasn't actually economical development, but to resecure China's national sovereignty and territorial integrity, after a century of foreign invasion and civil war. He did that job reasonably well, by fighting against the USA and then the USSR. His administration also developed China's nuclear weapons. Also, the 'Soviet aid' mentioned in this video wasn't really aid, but more like payment, for China's participation in the Korean War. Third, it could have been much worse. One of the reasons China didn't end up being ruled by a Mao dynasty, unlike North Korea's Kim, was that Mao sent his only able-bodied son and potential successor, Mao Anying, to the Korean War, who was killed there by the USAF. We are all very 'sad' for the tragic incident. BTW, the current Chinese president also has no son, only a daughter, which may be considered as a 'reassuring factor'.

@Manos_P_ 4 жыл бұрын

A nice comment indeed

@VinsiBE 4 жыл бұрын

Can't the daughter of the president became a Chinese leader?

@reirong7413 4 жыл бұрын

@@VinsiBE traditionally all chinese emperor (except one) are male.

@dererobet7777 4 жыл бұрын

I dont think that much will change in China after Xi Jinpings death. I can just tell what I know from my (western) point of view: It feels like most chinese people are indoctrinated- the smart ones arent (They use vpn like you, and show atleast some resistance) But the majority of people appears to be unwilling of abandoning the system and caring for enviroment, democracy and others- except their wealth. As long as the government is feeding the chinese, I dont think much will change from the totalitarian dictatorship you have. Am I wrong?

@reirong7413 4 жыл бұрын

"sad"可还行…毛的话…差不多支持你的观点。把中国统一，基本完全脱离国外干涉，工业起步，还是有很多功劳的。不过文革和大跃进确实问题很大，不过有一说一我到现在还没明白文革和大跃进是怎么回事，感觉不是那个时代的人很难理解。看完香港以后倒是明白了8964后期到底发生了什么事。

@thomasgoldsborough1856 4 жыл бұрын

“Not cool comrades”

@mudzbe8414 4 жыл бұрын

“Good intentions implemented poorly” They simultaneously killed workers who did well and were angry that people weren’t working hard so they forced workers to work harder. They willingly kept a system that was bad economically but allowed them to execute their political opponents. Good intentions🤔🤔🤔🤔

@alexandrub8786 4 жыл бұрын

Less political opponents less chances to a new Taiping/Heavanly kingdom rebelion to happen or a warlord period to appear,like,you know,when the last dinasty of China was exiled and the republic broke until the nationalists were driven on Formosa/Taiwan.

@dododakowski2813 4 жыл бұрын

Maos Industrilazation: Slow: Medium: Fast: (Breakthrough) *STUPID FAST!* (lever) At the end: Super slow. Or NoT?

@unifieddynasty 4 жыл бұрын

They didn't outright murder hard workers for the most part. They just used a system of public shaming, which is still bad.

@skyfall2043 4 жыл бұрын

It’s laughable that you just believe what the media say, they copied it from somewhere then you think it’s true, foolish

@RightCenterBack321 3 жыл бұрын

Keep in mind, this was a economic analysis, not a political analysis.

@abhinavitsmebellamy 4 жыл бұрын

Great stuff, EE. Thanks!!

@chrisrosch4731 4 жыл бұрын

i love the way you portrayed the great leap forward at 6:56

@emilebichelberger7590 3 жыл бұрын

He didn’t mention Mao made everyone make metal instead of crops. That’s most of the reason why 20-100 million starved.

@gbouton2011 3 жыл бұрын

Has communism ever works or was Mao “not real communism” 😆

@swiftysnail9053 3 жыл бұрын

Regardless of your political beliefs I think we can all agree that political extremes are not the way to go, even Marx mentioned that communism wasn't meant to be an economic system, instead a path to a more socialized country

@Janik-pwoejrur 2 жыл бұрын

Yes, it was no communism, it was socialism and very successful.

@LadyRavenhaire 2 жыл бұрын

According to Marx: Communism is the step after worldwide socialism. Since we never had worldwide socialism, we've never had communism. Communism is when the state & military is no longer needed & withers away because there is no longer a threat of attack by capitalist nations.

@Sam-gr7mk 2 жыл бұрын

@@swiftysnail9053 sweetie the idea that communism is considered extreme is propaganda you were taught without understanding what it is. If communism is extreme then capitalism is extremist

@AbrahamSamma 4 жыл бұрын

"I will work harder" Boxer the 🐎. We all know what happens to him. Tragic.

@maarten1115 3 жыл бұрын

He made himself laugh though.

@NeptuneDesign 4 жыл бұрын

I been waiting for this video!! Hip hip hoooray

@gebeitamas7806 4 жыл бұрын

I must say, your videos are great. I watch a lot of channels to get knowledge and your work is certainly great. Please continue!

@ministryoftruth4718 3 жыл бұрын

You feed my bubble, please keep it coming

@TheBard1999 4 жыл бұрын

Maybe do an episode about Soviet 5-year plans?

@awwee34 4 жыл бұрын

I'm surprised at how unbiased Economics Explained is. This is probably one of the best videos I've seen on the economy of the Mao era. That being said, you did neglect to mention that the Great Famine was only exacerbated by poor policymaking, and that the primary reason for the lack of food was poor weather conditions.

@30803080308030803081 4 жыл бұрын

The primary reason for the lack of food was a disastrous agricultural policy. Either you're a Chinese who believes the fake history the party taught you, or you're a very bizarrely misinformed non-Chinese. If you're Chinese, I don't blame you. The party controls all information and education in China. Chinese citizens don't know how ignorant they are. The propaganda and the censorship are very powerful. It's not your fault.

@fatetestarossa2774 4 жыл бұрын

Epic commie fail in all respects

@sumyuenchan6959 4 жыл бұрын

wow, finally talk about the political economy of China

@jimyu9147 Жыл бұрын

Well researched video about these insane periods in China. Really wish more people to know about this.

@NangongReng1973 4 жыл бұрын

When China says they have suffered humiliation, wars and natural disasters for more than 150 years , it is not just a statement. In fact, it is a continuous series of horrible events occurring simultaneously or one after and another, which led to the culmination of extreme poverty and suffering when the Communists drove out the Nationalists in 1949. So when MAO finally announced they had stood up , that reflects a new chapter of China's history,that the yrs of getting bullied by western invaders and Japan are no more. There are a few things that people need to know why Chinese had such bad yrs leading up to the founding of a New China. First, when the Nationalists fled to Taiwan , they brought along all the wealth that they could find , gold bars , human talents along. What is left is a China faced with financial crisis caused by the war and a economy which is left with nothing: no capital , no economists, no nation builders , but a country that has 800 over million poor Chinese and 90% are poor peasants.The economic embargo by the America and isolation from the west in 1950 and then Soviet Union in the 1960 meant China is in a grave danger of collapsing. Mao is a world class guerrilla fighters , but an atrocious nation builder. That is why his economy's policies failed disastrously as they have no one to learn from or to aid them, except the Russians. But once ties soured between them, the Chinese have to depend entirely on themselves . What are their achievements that Mao has succeeded? Despite a disastrous economy and basically no navy and airforce, China still managed to hold back the mighty American military to a stalemate in the Korean war , develop nuclear bomb and satellites, build a heavy industrialised industry ( military). Without self sufficient in the military , China would just be like what the former colonists had done in the past , carve out their land , pieces by pieces and shared among themselves. Country's political stability comes first, then economic development could follow up.

@NangongReng1973 4 жыл бұрын

@Stephen Jenkins I don't think US military is weak due to demilitarisation. They could drive back the North Korea quite quickly and on the verge of reaching Chinese borders. It may due to US not acclimatising to China's way of fighting which involves home ground fighting advantage, jungle warfare, gureillas tactics and great generals. Peng DeHuai, who is a world class military commander, was sent to lead the Chinese 'volunteers' grps. China just drove the Nationalists to Taiwan 2yrs ago and the troops are still battle hardened and well tested. The only lacking is they don't have a navy and airforce. In war, it is very hatd to predict outcomes. Afghanistan, which are merely made out guerilla and tribal groups , managed to defeat 3 world empires( not in combat but in will and tactics) - the British, the Soviets and now the Americans.

@chunchunmaru3644 3 жыл бұрын

@@NangongReng1973 In afghanistan there's no warfare, americans sit in bases, train some afghani soldiers, and try out their new military technologies, I see it as a testing ground, they have no incentive to leave Afghanistan or "win", if you see the casualties, the real losers are the people of Afghanistan, not america.

@arty5876 3 жыл бұрын

@@NangongReng1973 Binkov made good scenario video about hyphotetical war between US and China

@Jablicek 3 жыл бұрын

If the "Great Leap Forward" showed us anything, it's that expertise is important, in both workers and government advisors.

@KandiQTC 4 жыл бұрын

Aww, not as quick posting here like with the Star Wars video! But love the videos and the more in-depth video series for countries! Great job you sexy Aussie economist!

@marcguidobolen693 4 жыл бұрын

You should do the economics of Mr.Robot! The show's story is heavily tied to the world economy and I think it would be interesting and also it would help me better understand the economic and societal implications of what happens in the show.

@chessbitz6846 4 жыл бұрын

Hey! I found a video on India in this channel and since then I have always been your fan. Thanks for making great content. Only one request.... Can you please make another video on India? The economic conditions seem to be worsening.

@samraatbharat6325 4 жыл бұрын

It is worsening because bad loans have come home to roost after being given away like candy during the post liberalization IT Boom era by fools in the government(s). There is a reason Kingfisher, Jet Airways, Videocon, Anil Ambani's reliance are all bankrupt now. India's economy was in a bubble till now fueled by cheap loans, Construction/Infrastructure and the IT Offshoring boom, which has run out now. The bubble has burst now

@samraatbharat6325 4 жыл бұрын

Economy will continue to worsen unless Manufacturing, Extraction and Heavy Industry are promoted here, the Modi Sarkar cannot peddle Infrastructure spending as a stimulus to boost growth infinitely, it will put a huge burden on Government coffers.

@visheshrao5629 4 жыл бұрын

@@samraatbharat6325 you sound like an Economics student, are you?

@spynet2457 4 жыл бұрын

@@visheshrao5629 yes whatever he said is correct but leftist bigoted media in India won't agree with it and blame Modi for everything

@pragyanshsingh6093 4 жыл бұрын

Samraat Bharat you’re talking bs man, without infrastructure boost, we won’t come out of this sluggish growth rate, when the likes of IFLS are down and shadow banks are under huge doubt, government always needed to step up their infrastructure spending. Also Indian governments always had the habit of spending way too much on freebies, maybe this crisis will limit their efforts for now to not further increase balance sheet problems.

@AmySavage6 3 жыл бұрын

It's interesting how everyone knows that Deng Xiaoping enacted the plans to modernize China but seems to have forgotten Zhou Enlai who apparently formulated much of them during the Mao era, and protected Deng during the purges of the party.

@RFGfotografie 3 жыл бұрын

Great video

@RMKGER 4 жыл бұрын

Looking forward to part 3

@PatrickOliveras 4 жыл бұрын

Hey! I think you should explore the economy of California, it has some weird fluctuations between surpluses and deficits at the same time as being massive af.

@plc3653 4 жыл бұрын

This video is more of a historic lesson than really explaining anything to do with economics.

@jeanpierrereynoso-fournel005 2 жыл бұрын

thank you for the vid

@BrawB1776 4 жыл бұрын

Thanks for the video, I learned some shit. I will subscribe and continue to follow.

@jibjub2121 4 жыл бұрын

Chairman Lmao did not actually make anyone laugh

@wyaves6249 3 жыл бұрын

"Some of you will die, but that's a sacrifice I am willing to make"

@mschmolzer99 4 жыл бұрын

Thanks for the awesome China content. I, as a student of economy in East Asia really enjoy the vids. :)

@kittylover3597 4 жыл бұрын

Can't wait for the next in the series

@infinitedonuts 4 жыл бұрын

One thing which was devastating to the Chinese economy in the 19th century was the opium wars which consequently led to more instability in China during this period and later would give rise to radical change like nationalism and later communism.

@thanospadopoulos3465 4 жыл бұрын

Could please someone find a source which supports the claim that China had one of the top economies 60 years before Mao. The last time I remember China being top power was in 15 nth century. In the start of the 20nth century Chinas economy was very weak. I had the impression that before Mao and Chiang Kai Shek China had a fedualism like system with multiple warlords fighting each other all the time.

@thebandofbastards4934 4 жыл бұрын

What have you said was 100% accurate.

@alexandrub8786 4 жыл бұрын

Not good propaganda for capitalist america. Considering that the ones who bringed the revolution was an american/british indoctrineted chinese

@KaiserFranzJosefI 4 жыл бұрын

Size is not evidence of being a modern economy. China was until 1890, the largest economy in the world albeit stagnant and backwards.

@johnfahoum7494 4 жыл бұрын

I recommend after this series you do a video on the economic advantages and disadvantages of hosting the Olympics. Also you should do the political candidate videos before the elections in November

@eddiet7228 4 жыл бұрын

I can’t say enough how much I love these sorts of videos. Keep delivering your awesome content!!!!

@SwedishSinologyNerd 2 жыл бұрын

Oh gods, I get second-hand PTSD whenever I hear about the great leap forward ever since I took that class on Chinese history

@otanakugaming3357 4 жыл бұрын

When you remove poverty and inequality by simply buying all properties and make everyone equal(ly poor)

@Porphyrios9856 4 жыл бұрын

Big brain move here!

@yunkz8967 4 жыл бұрын

But actually, after their property reforming, everyone got their own house to live and their own land to plant without paying any money, just because they were Chinese. That's why most Chinese proletariats followed Mao.

@otanakugaming3357 4 жыл бұрын

@@yunkz8967 yeah, I know. But for landlords and the middle-upper classes, it is disastrous

@user-vw1yg4cx5e 4 жыл бұрын

@@otanakugaming3357 Before 1949, all middle classes were foreign agents,americans controlled China's customs, tariffs were given to Chiang Kai-shek, All cities with ports are like London. Interestingly, all the bankrupt factory owners became Communists,because American goods are too cheap.

@Chrissnessable 4 жыл бұрын

Ray Ramses has a pretty great video on this subject he released recently. Highly recommend it for those interested in learning more.

@haechin13f3 3 жыл бұрын

Can they change name the great leap back to a great back flip cuz it sound awesome

@hereLiesThisTroper 4 жыл бұрын

Mao was trying to play god, but realized he was just a man.

@ILAptenodyte 3 жыл бұрын

He never realized that, his ego was godfull

@saqudaa 4 жыл бұрын

What can I say? I really like these videos :*

@EconomicsExplained 4 жыл бұрын

Thanks mate :)

@RFGfotografie 3 жыл бұрын

Seriously amazing musical opening.

@awdrifter3394 4 жыл бұрын

6:54 Great leap forward. Video of jumping in place.

@ampeyro 4 жыл бұрын

That Mao dude, he sounds like an idealist. The kind of idealist that doesn't have a good relationship with reality, facts and stuff like that.

@joshualittlewolfe8550 3 жыл бұрын

He transformed China into a world economic powerhouse.

@matthenderson5048 3 жыл бұрын

You mean marxist?

@ampeyro 3 жыл бұрын

@@matthenderson5048 Marxism is an ideology ammong many. Most end with similar piles of corpses if you try to put them into practice, tho.

@theparadigm8149 3 жыл бұрын

@@joshualittlewolfe8550 No, I think Deng Xiaoping did that

@JA-pm5yl 3 жыл бұрын

@@joshualittlewolfe8550 It wasn't mao, it was Deng Xiaoping

@abrvalg321 4 жыл бұрын

A great output for such a neutral channel.

@Zhicano 4 жыл бұрын

Константин Войнов “neutral”

@graham1034 4 жыл бұрын

Decent video, if a bit shallow for the topic. Surprised you didn't mention the 4 pests campaign.

@ck1416 3 жыл бұрын

Where is part 1 and part 3? There is no link or recommendations at the side

@LDalin12 3 жыл бұрын

he made it

@VinnyDrugs 4 жыл бұрын

The economics of Ciro Gomes/Mangabeira Unger.

@CorsairSoul 4 жыл бұрын

'The great leap forward' and the 'Cultural revolution' also known as how to name things exactly the opposite of what they were. Also worth noting that the current Japanese PM Abe Shinzo is quite the revisionist around the invasion of China.

@looinrims 3 жыл бұрын

Revisionist?

@scoobyut 4 жыл бұрын

What is the song at the beginning of the movie that utilizes the piano?

@tsudiyanto 4 жыл бұрын

what's the link for the first part?

@CarFreeSegnitz 4 жыл бұрын

This isn't about white vs yellow, capitalism vs communism, China vs America. It comes down to centralized planning vs decentralized. It's a data processing problem. The ideal economy matches supply & demand. No wasted materials, energy or labour. It is, of course, an unattainable utopia. But it's what we should strive for. A central planned economy tries to concentrate all the decision making. It demands a vast bureaucracy to tell the planners what is going on. Planners then give directives to push the economy toward the ideal. But bureaucracy lies, padding numbers to make themselves look good. Planners don't get an accurate picture of what's going on so give ineffectual directives. Decentralized planning ideally forces each participant to suffer or benefit directly for knowing and reacting to truth. Participants need to be empowered to see reality and react to it. Capitalism starts out with a decentralized ideal but gravitates toward centralized planning. It centralizes onto a few business leaders. It merely replaces a government bureaucracy with a corporate bureaucracy with all the same incentives to lie. The ideal economy will be achieved when organizations are not allowed to get bigger than Dunbar's number, about 150. All the benefits of cooperation with the optimal oversight to prevent lieing. Limited to 150 participants prevents grotesque wealth inequality inherent to vast corporations.

@SnakingIvY 4 жыл бұрын

Now that's interesting

@nlb137 4 жыл бұрын

Another factor is that bureaucracy is, itself, a (probably necessary) inefficiency. The problem with centralization is that doing so grows the bureaucracy, countering any possible gains with the massive penalty of having 20% of your population doing nothing productive in order to try to direct the other 80%. I'm not sure I agree with the Dunbar's number thing; I think that, absent government interference, companies will gravitate towards the right number for their industry. If a company gets big enough that the bureaucracy and number-massaging screws them over, then they will get out-competed in the long run. The problem is that "too big to fail" and regulatory capture policies end up favoring large corporations, meaning they reap the rewards of large size (there *are* economies of scale that can make a large company better than a Dunbar's number company), but rarely suffer the downsides because your 'ideal' company gets fucked over harder than they do by regulation. Basically I think companies would tend to be smaller, but no all end up at that size.

@Torus2112 4 жыл бұрын

One key advantage that markets have over central planning is that the market itself does a lot of the planning grunt work automatically. With planning you need to train and employ bureaucrats to track and administer every step of the process; you need to know the quantity of everything to make, how to make it, the design that's to be used, where it should go and how much it should cost. Get any one of those things wrong and inefficiencies develop. In markets the natural effect of people participating in the market determines the price and quantity of goods based on real world context at any given moment automatically, which also in turn incentivezes the market's participants to be as productive as possible. This means that even if a central planning system was made to work perfectly all it could ever hope to do is get the same results as a market save for the massive amounts of government funds being consumed by the bureaucracy.

@subzoronltd7779 4 жыл бұрын

Yep that's why it's important to have regulated capitalism that manages monopolies and fosters competition to ensure continued innovation. But 150 is far too small of an employee limit, even a mid sized accounting firm can easily surpass this number, let alone any larger corporation/government.

@Au16227 4 жыл бұрын

the problem isn't how large, its who gets hit with the consequences. In both systems, if the factory isn't producing enough the workers are laid off and the factory shut down, the people in charge just get shuffled to the next project. if the workers themselves were shuffled, and the planners punished, it would no longer incentivize lying to pad numbers.

@emperorpingusmathchannel5365 4 жыл бұрын

It's almost as if paying everybody equally doesn't increase production.

@emilebichelberger7590 3 жыл бұрын

BuT eQuAlITy

@amiryousuf5163 4 жыл бұрын

can you do a video on the economics of modern monarchies (OPEC nations)

@unifieddynasty 4 жыл бұрын

Very fair analysis. Looking forward to Part 3.

@cauchyriemann7002 4 жыл бұрын

"a system which facilitates the efforts of the workers is what made nations like the US wealthy." US: laughs in slave labour

@jakodasd 4 жыл бұрын

@Stephen Jenkins They still do it though?

@l.jturner6617 4 жыл бұрын

China fascinates me ~ I've been studying the language recently and hope to travel their someday ❤️🇨🇳

@nah333n 4 жыл бұрын

Please asking for a study on British Rules Economic Strategy on Subcontinent and all over the world and did it impact on Britain present day...

4 жыл бұрын

I think you should mention the economic calculation problem in this video, it is what ties all those bad decisions together.

@odd-ysseusdoesstuff6347 4 жыл бұрын

"Good intensions went badly." The same thing happened in the Philippines during the late Ferdinand Marcos. In fact, he was friends with Mao Zedong and that Singaporean President in the 80s. Damn these fine men. Lost in History and in Economics, remembered but discredited.

@mudzbe8414 4 жыл бұрын

He literally kept an inefficient system so he could execute political opponents. Good intentions? What do you mean?

@laudeinvicta7113 4 жыл бұрын

Marcos' ideas were brilliant yet he appointed corrupt ppl to lead nationalized companies which in turn lowered its effeciency. His cronies influenced him to be corrupt as well to the point the Marcos family became too extravagant during Martial Law instead of symphatizing with the ppl.

@taylenday 3 жыл бұрын

Australians and the British: "Ah yes, the lovely country of Chiner."

@malevolentmacaroni8469 3 жыл бұрын

What is the name of the beautiful song in the beginning of the video?

@Sam-zq4yx 4 жыл бұрын

Link the other videos!

@remlok5556 4 жыл бұрын

Last time I was this early everyone was russian to seize the means of production!

@SuperNordmann1066 4 жыл бұрын

LMAO no food? Blame the sparrows!- said by Mao probably

@jonbrown314 4 жыл бұрын

Can you do a video on economic wisdom between the ALP and NLP please.

@pikminlord343 4 жыл бұрын

a really powerful video

@jgp6574 4 жыл бұрын

Tankies: LA LA LA LA I CANT HEAR YOU

@jgp6574 4 жыл бұрын

@Alex Mercer do i?

@axiomaticisak4350 4 жыл бұрын

"Not cool, comrades!"

@YoYo-gt5iq 3 жыл бұрын

Love the piano intro.

@heinuchung8680 3 жыл бұрын

The nail that sticks out furthest gets hammered first!

@HisShadow 4 жыл бұрын

No mention of the tens of millions of people who died during the Great Leap Forward? No? Ok I guess.

@AdamSmith-gs2dv 4 жыл бұрын

This guy is a lefty, he can't mention that socialists in China killed more people than Stalin and Hitler combined

@coletrain5667 4 жыл бұрын

@@AdamSmith-gs2dv Yeah he is extremely apologetic to the idea of central planning. He excuses clear symptoms of central planning as external unrelated problems, just like all lefties.

@leolionic1160 4 жыл бұрын

If you want to know how many people died in Communist China, you can query the population statistics of the National Bureau of Statistics of China. If you don't believe in Chinese, the CIA documents can also prove that all you know is a lie. Don't be deceived by the media. www.cia.gov/library/readingroom/document/0001098172 The following excerpt is taken from the CIA report to expose the media's lies. As a result of economic mismanagement and, especially, of two years of unfavorable weather, food production in 1960 was little if any larger than in 1957-at which time there were about 50 million fewer Chinese to feed. Widespread famine does not appear to be at hand.

@leolionic1160 4 жыл бұрын

@@AdamSmith-gs2dv Don't spread lies please.

@saveriannathan1415 4 жыл бұрын

@@leolionic1160 just as a comment in this video said. lMao Zedong made sure he can feed the peoples by removing "some" mouths to be feed Dank

@scifience8297 4 жыл бұрын

please do a video on the USSR Long live the motherland

@nicholasgunawan1494 4 жыл бұрын

does anyone know the piano in the background?

@bejoysen4468 4 жыл бұрын

7:46 hmm... I wonder why there wasn't any individual incentive to work harder. What economic system would make that happen?

@raulmaximo5810 4 жыл бұрын

Like when you Mao Zedong our economy🤣

@Adamtadm 4 жыл бұрын

don't forget maos massive failure of a third line project

@turik97 4 жыл бұрын

Hello can you please add Eng subtitles? Either edited or auto-generated no matter

@Peizxcv 3 жыл бұрын

What's the intro tune from 0:00 - 0:08?

@bcddd214 4 жыл бұрын

Excellent information. But I was waiting to see if you addressed what started it for China and you never touched it. Please research The Opium Wars and The Tiaping Rebellion. China got hit with both at the same time, which began their century of shame. ...then input your video...

@tacobellappreciater 4 жыл бұрын

I’d say we did a good job 👏

@thomasdewan9906 4 жыл бұрын

People like did a great job Deng Xiaoping and Xi Jinping a Good job not Mao.

@youngdavid8068 4 жыл бұрын

@@thomasdewan9906 In Mao's era, China tied with 16 western powers in N.Korea, beat USSR in Zhenbao Island and overwhelmed Western-armed India forces in Himalayas. The capability of war is the withdrawal of the comprehensive capability of the country. If the history of Mao's China that the western media tell you is true, how China then achieved those military achievements?

@someboi4903 4 жыл бұрын

Young David Manpower ?

@youngdavid8068 4 жыл бұрын

@@someboi4903 Yes, it was 16 vs 1

@someboi4903 4 жыл бұрын

@@youngdavid8068 Well you don't really need any high degree of competence if you can just toss a shit ton of people at the front lines.