Let Many China Models Bloom | The Economics of China Episode 3
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- Опубликовано: 11 июн 2024
- Modeling China is tricky, depending on where (and when) you look within the country, particularly given its large size and rapid changes. So, what is the constant?
Professor Ang introduces how “directed improvisation” works in China-a blend of top-down direction and bottom-up improvisation, producing diverse local solutions.
Learn more at economicsofchina.org/
Produced by Matthew Kulvicki, Nick Alpha & Kurt Semm
The genius of China is its ability to learn from its own and other countries' mistakes
really? we can never talk about many fatal mistakes made in recent history, how can we learn from even from ourselves?
Magnificent series Prof. Ang. Your exposition in ep. 2 & 3 reminded me of my time working in a very advanced software company in Germany years ago.
The structure of this company was not really "democratic", in the sense of the bottom of the company electing the directors, nor setting the direction / products of the company (which, again is quite successful).
The direction is set in the Board of Directors (sort of Politburo?), which, in the case of Germany had workers representatives elected by the workers / employees. Anyone could be a representative. Not sure to what level they set the direction of the company in technological matters... but surely had influence in "social / employee" matters.
At lower levels, the employees will have very much freedom on HOW to implement a new "product" (tech direction), but not in the WHAT, which came from higher levels of management. It can be said that the higher level of management were kind of the best of the meritocracy system (based in "performance reviews", similar to the "cadres reviews" you mentioned, creativity, education).
All this to say that maybe a "correlation" between political freedoms and economic freedoms is open for debate. Specially in the mediocre "liberal democratic" political system in #theWest. Voting every 5-6 years for some party / persons that have the benefit of Patrons with a lot of money is not exactly choosing the "best" bastard. In the #USA it is quite hard, if not impossible, to elect a President that does not belong to the Two main Corporate parties. The system is well designed to avoid this from happening.
In the case of #Europe, the main economic decisions are set in #Brussels, not by the Peoples of Spain, Germany, Italy, Sweden, etc...
No doubt, the #Chinese Model -- _Directed Improvisation_ -- is far more efficient, specially based on REAL meritocracy (at least as an ideal).
Some thoughts. Marvelous discussion. I was looking for the book witten by Prof. Ang... found it!:
www.cornellpress.cornell.edu/book/9781501764561/how-china-escaped-the-poverty-trap/
The main difference, I think, is that China builds things with value inherent in its presence. Like infrastructure and material goods that have practical use. The US economy is primarily based on speculation and pump and dump schemes while building little to no practically useful things with physical inherent value.
If US based on finnancial "products", then what is UK?
Found it:
UK: 35% share of GDP
US: 20%
China 8%
Determining inherent value is easy when you are behind economically/technologically, because you can just look at developed countries to see what worked and what did not. Once you are the world leader, determining future inherent value becomes difficult as all potential paths have not been taken yet by anyone else, you bare the risk of taking the wrong path.
@@voidvector Corporate bailouts and tax cuts don't make sense no matter which stage of development you're in.
@@ming45612 I am not defending bailouts or tax cuts. Those aspects were not part of your original message.
I am defending necessity of speculation in terms of innovation economics -- venture capitalists are basically technology speculators.
Whether or not you like China's authoritarian system, there's no arguing the fact that China is economically stronger than all other economies, that Chinese society is more harmonious and stable than all other societies. Compare China with America and Britain and EU, for example. Visit China and see the truth for yourself.
Socialism isn't the goal in the West. Nordic countries are socially cohesive! Strict laws force harmonious societies. The word is force. Not natural like Nordic societies - did it on their own despite the elected government.
@@alphaomega1089 True. China has struggled to achieve national unity for many centuries. There's no arguing that force works.
The results are nonetheless most impressive. The Chinese are happy. Chinese society is harmonious. China's economy is strong; in fact, it's the world's largest economy by purchasing power parity. And the government enjoys the highest level of support in the world.
According to 𝗟𝗮𝘁𝗮𝗻𝗮'𝘀 𝗗𝗲𝗺𝗼𝗰𝗿𝗮𝗰𝘆 𝗣𝗲𝗿𝗰𝗲𝗽𝘁𝗶𝗼𝗻 𝗜𝗻𝗱𝗲𝘅 𝟮𝟬𝟮𝟰, 79% of Chinese believe their nation is democratic while only 57% of Americans and 55% of British do.
Another example, according to the 𝗘𝗱𝗲𝗹𝗺𝗮𝗻 𝗧𝗿𝘂𝘀𝘁 𝗕𝗮𝗿𝗼𝗺𝗲𝘁𝗲𝗿 𝟮𝟬𝟮𝟰, 85% of Chinese trust their government while only 40% of Americans and 30% of British do.
Another example, according to the 𝗢𝗽𝗲𝗻 𝗦𝗼𝗰𝗶𝗲𝘁𝘆 𝗕𝗮𝗿𝗼𝗺𝗲𝘁𝗲𝗿 𝟮𝟬𝟮𝟯, 76% of Chinese trust their politicians while only 29% of Americans and 20% of British do.
Another example, according to 𝗜𝗽𝘀𝗼𝘀' 𝗚𝗹𝗼𝗯𝗮𝗹 𝗛𝗮𝗽𝗽𝗶𝗻𝗲𝘀𝘀 𝟮𝟬𝟮𝟯, 91% of Chinese are happy with their life while only 76% of Americans and 70% of British are.
Another example, according to 𝗮 𝘀𝘁𝘂𝗱𝘆 𝗳𝗿𝗼𝗺 𝗛𝗮𝗿𝘃𝗮𝗿𝗱 𝗞𝗲𝗻𝗻𝗲𝗱𝘆 𝗦𝗰𝗵𝗼𝗼𝗹 𝗶𝗻 𝟮𝟬𝟮𝟬, 95.5% of Chinese are satisfied with their government.
Another example, according to 𝗜𝗽𝘀𝗼𝘀' 𝗪𝗵𝗮𝘁 𝗪𝗼𝗿𝗿𝗶𝗲𝘀 𝗧𝗵𝗲 𝗪𝗼𝗿𝗹𝗱 𝘀𝘂𝗿𝘃𝗲𝘆 𝗳𝗿𝗼𝗺 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿, 𝟮𝟬𝟭𝟵, 95% of Chinese believe their country is on the right track and moving in the right direction while only 41% of Americans and 23% of British do.
Another example, according to 𝗮 𝟮𝟬𝟭𝟵 𝗨𝗖 𝗦𝗮𝗻 𝗗𝗶𝗲𝗴𝗼 𝘀𝘁𝘂𝗱𝘆, 80% of Chinese are happy and enjoy financial security.
I’ve gone back 5 years but I could go further back if you like.
Splendid work professor
Perhaps the greatest strength of the Chinese system is its flexibility and adaptability.
Hmmm... how is it flexible when a giant country is ruled by a very vertical and very authoritarian hierarchy? I may be wrong but it rather sounds like extremely rigid, inflexible and thus bearing great risks in case of crisis.
@@LuisAldamiz Watch the video. That's what it is about. China is way better managed than any Western country.
@@MilliePlateauYou're wrong.
@@The_Revolutionist No. I'm not. Which Western country is better managed than China?
@@LuisAldamizAuthoritarian system is the most efficient form of government. It's able to do long term plan without opposition unlike democratic system. No other country has outperformed China in the past 5000 years. China's system is resilient able to reinvent itself over and over again.
Meanwhile western system has been embroiled in constant wars, racial conflicts and social chaos. Let that sink in.
all countries have subsidized their economy at some point, the only difference is the degree, the more developed your nation, the less you subsidize, this is rational, after all, who want to subsidize corporation giants.
China's strength lies in its citizens & leaders who work for the people & their nation.
China is like a diamond - unique with clear strategies.
Very Good, This is an Excellent Presentation
It’s a good thing we love each other.. peace.
Loved this video so much ❤
My vision of China is more in line with a slug in salt.
China's model is echoed by many economic pundits as exports over imports. 'They lend but don't like to borrow!' This from a financial standpoint is troubling. Yes, its currency has gained strength on the exchange market. At what cost? I am shocked the Yuan is currently at $0.14. And, the Yen is $0.0063 - 33% below what I thought was a stable price. China reaching $0.05 to $0.1 was a miracle but understandable with its lending practice forcing this on the World Bank to protect the USD.
'...on managing prosperity, we have much to learn...' -- classic rhetoric from a Red state. Hence corruption if that carrot is waved!
3:24 "...lying low and never taking the lead..."
Actually, what Deng said was "Hide your strength, *bide your time,* never take the lead."
Deng did not intend this to be permanent. He believed China should bide its time. But bide its time for what?
In 2012, China's time arrived. It was time for China to rise to its rightful place in the world. China was developed enough, strong enough.
we see what you did there...
Sometimes it is difficult for Westerners to understand China's development, due to their different backgrounds and cultures. Asian and Chinese cultures with Buddhism, Taoism and Confucianism abandon the concept of family values, respect for elders and caring for each other, which is different from the individualistic culture of the West that worships capitalism to the utmost. The Chinese government is willing to slow down economic growth in terms of GDP figures if it means widening the gap between rich and poor. The Chinese government prioritizes solving poverty and ensuring that people receive basic services equally. GDP figures that are not consistent with reducing inequality do not make society better than it should be.
There is nothing special about Chinese Economics. It is understood by Westeners. What makes it difficult is the opaqueness of the CCP. GDP is understood differently by China and the west. GDP growth is very much a political objective
metabolic rift applies. no form of capitalism is compatible with life
Wenzhou Model is never ever talked about in the West.
How was it possible for this presenter to not even mention the Five Year Plan system that plays such an important role in the Chinese economy? Nor to examine how it differs from the Soviet version which is key to understanding the more flexible and dynamic Chinese planning system.
Nor did the presenter mention the role of state investment in China which is double that of its competitors and explains how China has built its massive infrastructure and has been so successful in industrial innovation.
Lastly, the presenter did not mention the international context especially in the last decade.
Instead, she focuses on the superficial political institutional questions and the 'great man' approach to history.
The CCP has many benefits that the US could emulate.
Some advice to you, DO NOT use the side view of your face in the video, it is very annoying !!!! Your graphics are very good, but you should make it a more relaxed setting and not have it on a podium as if you are lecturing us, but most of all get rid of using side close up views of your face!!!!