How did Japan and Germany rise from the rubble of WW2. Also what the secret of South Korea and China transforming into economic powerhouses in the last 30 years?
Literally direct investments from the US and also before then Japan and Germany were already quite industralized. However, the thing with Japan is that all parts of Japan didn't get bombed and a lot of there manufacturing, and such were intact. There was the Bretton Woods System and the Marshall Plan within that. The late 40s to early 70s, everywhere including Western countries had industrial development policies part of the WW2 reconstruction plan. Keynesiam, social democracy, and state intervention were pretty big in those periods. South Korea had a lot of state involvement in their economy like all of the Asian tiger countries (not truly "free market"). China did develop during the Mao years, but it didn't receive direct foreign investment until they opened up. China is still socialist, they just went from a socialist planned economy to a socialist market economy. Also, markets aren't inheriently capitalist, and it exists in all other modes of production as well.
@@kobemop I agree with everything you said but for one thing. I especially appreciate your point about markets not being inherently capitalist. So many people do not understand this, and they are led to falsely believe that because China participates in markets means it is a capitalist country. 😆 The only point I don't agree with is that China went from a planned economy to a market economy. Nothing could be further from the truth. If you watched or followed China's 14th National People's Congress on 5 March 2023, you would find a whole panapoly of planned timelines scheduled to stretch out until March 2028. So they at least have a 5-year economic plan, but I have read other documents that discuss longer plans for specific economic development projects. China is definitely a planned socialist economy and one that participates in the markets. And why not?
😀 😃
How did Japan and Germany rise from the rubble of WW2. Also what the secret of South Korea and China transforming into economic powerhouses in the last 30 years?
Literally direct investments from the US and also before then Japan and Germany were already quite industralized. However, the thing with Japan is that all parts of Japan didn't get bombed and a lot of there manufacturing, and such were intact. There was the Bretton Woods System and the Marshall Plan within that. The late 40s to early 70s, everywhere including Western countries had industrial development policies part of the WW2 reconstruction plan. Keynesiam, social democracy, and state intervention were pretty big in those periods. South Korea had a lot of state involvement in their economy like all of the Asian tiger countries (not truly "free market"). China did develop during the Mao years, but it didn't receive direct foreign investment until they opened up. China is still socialist, they just went from a socialist planned economy to a socialist market economy. Also, markets aren't inheriently capitalist, and it exists in all other modes of production as well.
@@kobemop I agree with everything you said but for one thing. I especially appreciate your point about markets not being inherently capitalist. So many people do not understand this, and they are led to falsely believe that because China participates in markets means it is a capitalist country. 😆
The only point I don't agree with is that China went from a planned economy to a market economy. Nothing could be further from the truth. If you watched or followed China's 14th National People's Congress on 5 March 2023, you would find a whole panapoly of planned timelines scheduled to stretch out until March 2028. So they at least have a 5-year economic plan, but I have read other documents that discuss longer plans for specific economic development projects. China is definitely a planned socialist economy and one that participates in the markets. And why not?
Germany's war debt was forgiven by the West