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That would be very interesting, but I have to tell you Greece is not as special as you think. To give you a rough idea, the damage was mostly done by ignorent people that elected corrupt/socialist and borderline traitorous governments that increased government spending, using it to create votes and support, not economic growth, while ignoring the incredible economic potential that the eurozone and european union brought (amongst many others ) Greece has pretty much recovered since but a lot of damage remains.
@@John_winston The problem with the Greek economy is that it's very informal. Meaning people don't declare their income and thus what the GDP and other economic numbers are on paper are completely different from reality. Thus it's impossible to look at statistics and numbers online and make a realistic analysis of the Greek economy.
"China went from a country barely able to feed itself to the world's second largest economy in less time than the Simpsons has been on air." That is crazy.
@@lance8080 Shut up mate. Hate the Chinese government or don't, you can't deny that they have done wonders for the economy. Strangely enough, you can't have the 2nd biggest economy in the world with just pure espionage.
@@jejo874 so???? you admitted yourself that stolen technology and espionage does help China a ton then? Also, no country use stolen technology and espionage as much as China lol. So it helps China more than any other country.
@@garmenlin5990 Property taxes in US are to cover costs of services surrounding the region. It is not the same as land belonging to the state in China. :-)
Reminds me of the Onion video 'Understanding China', which described it as "a communist nation which is somehow even more obscenely capitalist than our own."
@Anurag Chakraborty If you read Engels and Lenin, you see that "State Capitalism" is a necessary phase that presupposes "actual" Socialism. What China is doing is like an enlargement of what the USSR was doing under the NEP, that is developing productive forces. They opened to the world in order to acquire its technologies and research. That implies having a system oriented to foreign relationship. Still, a communist party guides the government and does what is necessary to redistribute and make sure no one steps out of line.
This is an excellent video, showing a deeper understanding of China than the typical superficial news report. One detail though: the first four SEZ Special Economic Zone were Shenzhen, which has been wildly successful, Xiamen, which is still prosperous, and Shantou plus Zhuhai. Shanghai and Beijing were not on the original list. One can admire the success of Shenzhen (largely due to its connection with Hong Kong) and Xiamen (largely due to its connection with Taiwan), and balance it with Shantou and Zhuhai.
I don’t get the sense that he was criticizing China, but perhaps he was? I get the sense that he tried to present good background information that is sorely lacking in today’s soundbite news, propaganda, and disinformation campaigns. People in China has largely lifted themselves out of poverty, in numbers that is unprecedented in human history, without relying on foreign handout, and that is absolutely a good thing. But China is still relying on a 19th Century ideology, namely communism/authoritarianism, that is incompatible with modern day western democracies. Which system will prevail? This is something that will play out in the next few decades.
@@korich7152 China has long abandoned pure communism, it's under socialism with Chinese characteristics (ie. some advantageous features of capitalism). In fact, no successful country in the world was built on democracy. There are some very interesting debates on this topic by Intelligence Squared if you wanted to check out.
@@korich7152: According to America's most famous psychic Edgar Cayce, he prophesied 70+ years ago that China will be the cradle for Christianity and evolve to a democracy to lead the earth to a peaceful world civilization: www.edgarcayce.org/the-readings/ancient-mysteries/seven-prophecies-yet-to-come/ ; th-cam.com/video/aK559_ZuQH8/w-d-xo.html
There are those who believe China is no longer a communist country, which means these people were not thoroughly subscribing to the party line, which always emphasize the supremacy and greatness of the party. Whatever these people want to call it, structurally the system in China is still authoritarian, with the boss calling all the shots. Those that doubt whether Marxist-Leninist economics is even feasible has obviously not studied the history of the Soviet Union nor Nazi Germany, nor present day Cuba. It is feasible, but it does not work well. As for those that claim "no successful country in the world was built on democracy", I would say there are plenty of failed countries, past and present, which did not have democracy either in form or essence. While democracy is not perfect, it is better than all other systems out there. You should be thankful that hopefully you live in a society where freedom of speech is honored and guaranteed, instead of having some big brothers having the power and right to veto and limit your thoughts and communications.
@@tydalm.9665 What are you trying to say wih HK in regards to having their own currency? Are you saying European countries part of the EU using the Euro arent independent or have their own economy?
@@yerri5567 I'm not "trying" to say anyting, I wrote two sentences, which have some sort of relevance to the comment made by OP. If you can't figure out why having an own currency has atleast some relevance regarding the expression "kind of its own economic zone", I'm really sorry. Maybe my two sentences haven't been meant for you then.
He said All men are created equal when women were not allowed to participate politics and African Americans were bearly called Humans. Dude, Black lives matter and all lives matter.
I am Russian and I admire China's economic success. They were able to pull their country out of a hellhole while we headed our country into it. They have achieved so much in the last 20 years and they are only getting richer. Long live China!
China should be thankful to know there is a small south eastern country with a similar demographic makeup and an autocratic political system, Yeah, it's Singapore, China has learned a lot from Singapore in terms of governance, the successful story of Singapore even today also strengthens up Chinese government's confidence in building China into a good though crowded place to live.
China’s growth on the world economy is the “one of the greatest achievements in world history”. The poverty rate went from 88% to less than 1% and life expectancy increase by more than 10 years. And many more achievement can be added. Also China has the longest continuous history of any country in the world-3,500 years of written history.
And all achieved thru own hard work, not colonizing, waging illegals war, steal pollage...etc Hats off to China, Chinese and their Leadership for such an amazing accomplishment 👍👍💪💪
@@zeflute4586 there is no such thing as aryan theory. The same people who lived in indus valley civilization moved to gangetic plains established cities like varanasi & now live throughout india. Except the skin color all the facial features of all mainland indians is exactly the same. The same bangles found in indus Valley civilization is still wore by women in india , the same shiva god is still worshipped. So yeah india is oldest surviving civilization on earth.
If you have a chance, you should read more about Zhao Ziyang, who was the real engineer of China’s reforming and opening up, but he was off-office in 1989 after the Tiananmen event
The worst thing is there are people working for the gov on AI and other technologies that threaten privacy. And they are aware of it but prefer money over the future of everyone else in the country.
Hmmm... Interesting. Who were among his cohort? I'm assuming Zhao was both an intellectual and a statesman. I'd like to read from their writing or writings about them, if they exist.
@@Flamenc0 No, chinese people have another kind of idea when it comes to privacy, and it's absolutely not equal to the western individualism kind of privacy. They're really sure that these AI technologies, face recognition and other kind of surveillances are there for their safety, and that's why the crime rate is low even though they have a 1.4billion population.
I've been learning to speak Chinese recently; I can confidently say it's been the rewarding experience of my life It's like discovering a whole new world of culture and history
My wife is on Duo Lingo doing the same thing. Given the shifting economic landscape in the world I think anyone under 30 would do well to pick up Mandarin.
It's a good idea. I've been doing the same with Chinese and Spanish, and with English I can converse with 3 of the most spoken languages in the world. It's fun.
First he's said china give up on government-planned economy and this why it's successful .. then at the end of the video he says it's still a government-planned economy. China is a mixed economy (public-private partnership)
The interesting political question is not "is China socialist, state capitalist, or just capitalist." The question is "will China liberalize or use its newfound wealth to build up a new socialist economy.
@Nathan Hoffman “Authoritarian democracy is a form of democracy directed by a ruling elite of an authoritarian state that seeks to represent the different interests of society. Authoritarian democracy has also been called "organic democracy" by some proponents.”
Little disappointed you didn't mention Township and Villager Enterprises, which dominated the Chinese economy in the 80s and 90s. One of the biggest is the Huaxi TVE, which was (and maybe still is) the richest village in China. Cheng Li wrote a great piece about them called "Is a Rich Man happier than a Free Man?" A fascinating and great read, if you can get your hands on it.
@@jakubvoborsky48 Hong Kong was basically a dictatorship. It was governed mostly by British appointees and businesspeople, with ordinary people holding little to no political power. Where it differed from Mainland China is that it allowed for free enterprise and civil liberties. Given its importance to British trade in Asia, it was also invested into and developed heavily.
To the impulsives out here who're going to ramble about "stolen tech", etc., be advised that the Anglosphere did the same... They copied everything from the Greeco-Romans, Chinese & Indians with Arab, Persian & Mongolian sponsorship, then built moats around it (Intellectual Property rights, colonization, etc.)... That's the key to "Western" success. You have many successful types (like Warren Buffet) brag about it all the time. It's all about taking from others, adding it to your (oftentimes meager) pile, then building walls around it the moment you hit a little favorable asymmetry.
Do Mexico next, please. It would be really interesting to hear your thoughts on the Mexican Miracle and on the subsecuent economic downfalls and particularly right now with the change of policies enacted by the current government
As a Chinese who spent 10+years living in both China and the U.S., I think the future of China's economy and its growth potential lie in whether China can transit to an innovation-based economy. So far it ain't looking so great lol. We got some hyper-conservative leaders running things while America is trying to f*** us over all the time. A lot of highly skilled Chinese workers are migrating to North America, Europe and Australia due to the heavily political business environment in China and it's basically weakening the Country's innovative potential.
I really love your videos. Specially this one. Would you create another video discussing the implementation of the current China economy in countries like Cuba, which is smaller in population and land, but also sort of communist with one ruling party?
@@derxert true but when the government is entitled to take away everything you have whenever they feel like it, it is still hard to feel secure. This is why many wealthy Chinese individuals purchase real estate in western countries and try to get citizenship elsewhere. In the U.S. wealth dictates politics and interestingly it's the exact opposite in China.
Grandpa Deng was the Chairman of the Central Military Committee - that is the most powerful post in China and it was because of that that he was recognised as Paramount Leader
K M Miller haha would u believe some maoists are saying Deng was corrupt and squandered away all of Mao’s economic achievements?😂😂 tbh all 5 PRC paramount leader played their part and did their job; they should all be praised and remembered
Can you please do a video on Brexit since the UK just officially left, mentioning the trade negotiations and speculate over possible outcomes. It would also be great of you could do an episode on family offices, hedge funds and other similar investment vehicles. Love the channel
Except he doesn't mention which information comes from which source much less chapter. To check if any particular statement is correct in this vid you'll have to read all those sources in full to verify yourself.
China need that kind of rule to be able to bring up everyone together. Never mind about the perceptions of the west. China don't want to be another India.
As a long-term expat in China (seventeen years and counting) I have witnessed the transformation. It's been exciting and there's an optimism prevalent in a place where every year is better than the last. It has been interesting to see when local or provincial officials pop up claiming that it's time to recentralize the wealth distribution (i.e. go back to actual communist practices) they either get managed out or worse. When you are the only party in town you have to make sure there aren't any crashers. The CCP is constantly trying to prove to its citizens that they can keep them safe and on the path to continued prosperity.
Although looking forward the continuous prosperity promised only gets more difficult to achieve over time with the looming headwinds of unreversed aging, overleveraged debts, loss of easy profit opportunities, and industrial pollution further reducing the stock of arable land and potable water. However the CPC doesn't tolerate dissent or challenges to its power, but it might have to allow political competition to at least appear like they're the best choice, or risk ruling over an increasingly more suffocated and less productive China if it does survive intact. It's not obvious right now, but in a couple decades the cracks will become more visible. The question then is will the Party find flexibility to absorb those stresses, or will it double down on hardness and likely get more brittle in the process.
Good morning; I haven found your email :( My name is Guillem and I am a student from Spain. I have been following you for quite a long time, I love your content. However, I think that you are missing a huge opportunity without translating your content, at least for the Spanish community. I write you because I could do it for you, Spanish is my mother language and I could traduce the text and record it in Spanish. Also, I speak French, but I think that it will be better to focus on Spanish first. If you like my idea I could start translating you one video for free so you see if you like it. Looking forward to your response
I'm unclear on something. The video said that China is "in no sense a socialist state" and then a minute later said that modern China still has a centrally planned economy. But a centrally planned economy is the essence of a socialist state, similar to how privately owned economy is the essence of a capitalist one.
@@Mike-bt3ki but the German went from having an overinflated currency after WW1 to a dominating power in europe in WW2 they comeback faster and harder than china in my opinion
Danang M. Fauzan China got destroyed several times while invaded by multiple European nations. They lost millions upon millions of people and continued to lose millions from the failed revolutions by Mao. China made better comeback in my opinion.
Nah. It should be Japan. No other country had two nukes dropped on it and came back to becoming the second largest economy that rivalled the US during the 1980’s.
The key issue you failed to understand is the Chinese culture and philosophy towards their government is very different from that of the West. For over five thousand years, the Chinese look at the government more as the head of the family to be respected and not someone to fight with. As long as the government makes it possible to live a good life, most Chinese will be happy with the government. But if life becomes miserable, they would have issue or revolt against the government. Through out Chinese history, it has always been a 'one party system' - the Emperor in the past and the Communist party now, and not a multi-party system like those in the West. Which system is better? They both seem to work in different countries! If the West truly believes in democracy, that is the freedom of choice for the majority, it should not try to impose its own system on other countries. They should allow the people of the country to decide what is best for them. The Chinese never try to impose their system on other countries, but the West, especially the US, has been trying aggressively and often by force to impose their system on others. Is that democracy? Is that freedom of choice? I call that hypocrisy!
“The Chinese never try to impose their system on other countries”. China has fought border conflicts with almost all of its surrounding nations. And what about the Chinese invasion of Vietnam? I will agree that the US has quite an aggressive foreign policy and can be seen as the aggressor for most of the Cold War, but don’t act like any nations are morally superior to others.
13:38 Krugman isn’t entirely wrong. While the Internet’s impact on society and culture has grown dramatically. The Internet’s impact on productivity growth, the basic ingredient of economic growth, was largely in the 1990s and the early 2000s in the US. This is one explanation why economists see productivity growth being so weak in the last 15+ years in the US. And productivity weakness has been frequently cited as the source of weak wage growth. Productivity growth, while it can be enhanced by solid economic policy and good governance, often comes in starts and stops when new leaps in technology and science occur. This is what the four industrial revolutions have been.
The 1970s were a hard, hungry time in the US and I remember one thing that was imported from China was a sort of dried fruit snack called Haw Flakes. A package of those was cheap enough that my mom could afford to buy it for me when we took the bus into town, and speaking as a skinny, hungry, kid, a package of those were like Heaven. Thank you, Worker's Paradise, for the Haw Flakes. May the world be united under Socialism some day and no more kids go hungry.
Deng Xiaoping famously said, "to be rich is glorious" ..... however, he was not embracing capitalism ..... the rest of the quote is the most important, "poverty is not socialism". China thinks in centuries, the 'west' now thinks in days and hours. Deng's long term vision was to make China a worker's paradise. Xi Jinping has taken up that baton and is succeeding. This will indeed be be an interesting century, we will live in 'interesting times' The elephant in the room is, of course, India. However it is being held back by democracy, religion and a deeply embedded caste system.
Everyone in China is talking about how China can avoid the depression Japan had in 1990s and avoid Middle Income Trap that a lot of South American counties are facing. One significant change I saw in last decade is that the quality and functionality of Chinese products have dramatically improved and even innovated. I have been living in Toronto for 5 years and every time I went back to China or browse on Taobao I got surprised how many innovative and yet affordable electronic or home appliances come to market. These products could be barely seen in Toronto because traders here are still in the old thinking of buying cheap Chinese goods then sell high for profit. Plus a lot of those innovative products are Chinese brands which western customers are not familiar with and less trusting made in China. In reality, it’s just the big corporations are not willing to bring good quality Chinese products to the market because it’s higher cost. I’m not blindly confident in China’s future because clearly there’s still a lot of challenges for the Chinese government to handle. I just feel the world need to or should have updated their impression on China long long ago. China accepts reasonable criticism and advice or at least I personally accept. But criticizing China of being communism, or low product quality or human rights etc, is way way outdated. After all, if you want to hate, hate from the reasonable angle. Now give me the 5 cents if you believe me to be a Wumao member, which is just another outdated stereotype. Back in China, it’s about more than 10 years ago while we laughed at Wumao.
uh, nope, nobody is going to stop criticizing China, no matter how good your products get haha (you recently tried to censor Denmark, and 'bullied' Sweden). These attitudes on the part of your government will only reinforce negative attitudes towards the Chinese populace, even if not everyone is at fault. You have played your cards well and a lot of economies depend on the Chinese now, but that doesn't mean they like you (I'd dare to say most, if not all, South East Asia, hates your government, and don't get me started on the West)
@@Miquelalalaa charity starts from home. Go and look into your own country's human right before you condemn others. To Chinese all Western human rights are FAKE HUMAN RIGHTS.
@@peterhsieh6597 It's not a binary choice, i'm very critical of my country's infringements on rights like freedom of speech, but i'm also critical at China's authoritarianism, totalitarianism and treatment of certain minorities. You've simply become so brainwashed that you deny the legitimacy of basic morality.
indeed it is ... Germany wasn't rebuilt by Germans more like Allies who wanted it to be strong as direct front against Soviets ... imagine if Germany went under Stalin as whole and refuse Marshall plan money. You would see comeback ... back to stone age. Yeah joke.
@Tourdo ops Germany is still the fourth to largest economy in the world, the largest country by population and GDP in the EU, the largest economy in Europe, and one of the premier countries for high-end manufacturing. Few words guarantee quality more than "Made in Germany".
what you said doesnt matter, everything is different in micro & macro level. What works the west might not suited for others. Take example, Indonesia, it is not democracy, but democrazy already
Great vid. Listen, I want to know more about China's brand of communism. I'm no Ph.D in economics, though, so could you recomend some introductory literature on the subject? Do je in advance and merry Christmas.
I have a question: when comparing countries between each other, why are you using nominal GDP? in PPP GDP China is the first economy in the world, by a very far margin, and if i understand correctly, PPP reflects the real volume of the economy beacause it takes inflation into consideration. So it's the real purchasing power of the value of all the national products, right? And then there's the per capita GDP. How does that work? I love your videos btw!
@ What do you mean by artificially inflate? Are you talking about inflation? Because it's the nominal GDP that gets "naturally" inflated trough time, right?
India preserved it's heterogeneous character while avoiding any major bloodshed... Whatever internal crises it faced pales in comparison to the ones like 60 million killed in China's (modern) early history, or the brutalities meted out to the native Americans+slaves in US' early history. Also, the US began as essentially an oligarchy of land owning white men. Less people to satisfy, the better it is early on. That is the price of rapid development... getting the fierce & quick momentum from illiberal & unquestionable power, then directing it to where it's needed. India instead held itself to the highest virtues pretty early on... full female adult franchise, equality before the law for all, etc. Now you better be happy (if not proud) of this early choice of yours. Hopefully, India will turn into an advanced economy soon (socially & culturally it already has).
@@jojobabok9373 Such things are only on paper if we really look into it indias politics ia based on religion and caste,goons are openly going in universities to beat students with sticka because they are protestion against govt policies and police is doing nothing but watchig, we can see religiously discriminatory policies recently approve, india's economy slumped to 5%pa in 2019 and due to cornavirus it not expected to rise much this year, unemployment is 45 year high
@@jojobabok9373 also according to imf and wef and some other organizations india hase slipes on democratic index, social mobility, gender disparity gap, worlds 28% poor live in india, delhi is one of the worlds most polluted city in world. I saying all these does not mean i font love my country its just that these facts frustate me.
@@viksitchoudhary8687 The present domestic political situation in India may seem terrible, but in the big picture this is just the beginning of a new era, with India attempting to reconnect with its civilizational identity & character. Looked at from the perspective of pure global power dynamics, this is a good thing. (A strong civilizational narrative is almost indispensable for any great power aspirant. All India currently has is a patchwork of conquests & colonization, & a few palaces, forts & tombs to show for it. Past atrocities by out-groups either get normalized or diminished by other means). Every powerful group in history to present has undergone such an identity struggle... the ones who emerge victorious move the world. Of course the rest of the world (& certain internal vested interest groups) won't make it any easy for India. The way this goal is currently being pursued in India is indeed juvenile... Impulsive & loud mouthed ministers & MPs with their emotionally-charged blabbery. A lot of them lack the dispassionate outlook one needs to have, to see this project through with maximum effect & efficiency... The project being the building of an inclusive identity that's religion-agnostic, while firmly centering power around India (as opposed to an Arab-centric Ummah, or an Anglo-centric "21st century" "modern" BS.) This reactionary political situation in India today has been caused by this need being left unaddressed for so many decades. But I hope it soon takes a more mature form... before things get irreversibly ugly.
@@viksitchoudhary8687 Coming to the economy side, nobody is doing any better around the world... but some do have the national power to prevail in adverse situations that'll soon emerge across the world (climate change induced crop crisis, land being swallowed underwater, epidemic outbreak, etc.) This is what needs to be worked on long-term. The present economic situation was caused primarily due to the mismanagement of the post-91 economic "reforms"... Capital-intensive construction & finance sectors were encouraged, while labor-intensive manufacturing sector was largely ignored, as well as education. Stock markets soared, but the economy was rigged for long-term unemployment & allied problems. The final push was most likely the hastily pushed BS6 norms, which slowed down car sales, sending the automotive sector to stress. With the right measures & favorable world circumstances, India will most likely recover soon. As for 28% of world's poor, you do realize that's a nominally calculated figure, right? India's present poverty rate is 3%. That's a drastic reduction (literally uplifting hundreds of millions out of poverty within a decade... A score beat only by China, but you know the means they get to employ.) Delhi is polluted, so is Los Angeles. An aggressive push into the e-vehicle sector might locally solve this (although the coal that'll be burnt presently to sustain those vehicles will cause a lot of broad based pollution, at least it prevents toxic level concentration in a single place). And slips in democratic indexes are fine, long as they're within expected tolerances. India is still juggling with a lot of formative problems that were left unresolved for so many decades, this temporary phase will hopefully soon be over. Like I said earlier, holding yourself to absurdly high standards so early on (relatively speaking) is going to have this effect.
Love your vids mate but there are A LOT of ads on them, especially these older ones. Obviously monetize how you see fit and I'm not about to try and tell an economist how to go about it, but figured id give you a heads up incase TH-cam changed something in the back end. Cheers
450 billion wiped off the Chinese stock exchange last night. 80% of the nation's industry on lockdown due to epidemic. This may have been poorly timed.
The difference in China is political system always above capital. While in U.S., capital is above political system through lobbists and interest groups
The former isn't necessarily a problem, except in the unchallenged one-Party system only an exclusive select few truly have a say in the political system when they're not busy backstabbing each other at the first opportunity.
where can i find the source that contains the information about mao zhedong punishing harder working civilians? i need that for my assingment im not able to find that information on google :/
because its fake and wrong.Mao period does has lots of catastrophic economic policy ，but not this.His video is so nonprofessional and I can hardly watch it .He also said Japan was “settle” but Japan has lost 20 years and ...now 30 years
If the people of a country are ready to work hard and the nation is run by people who are from them chosen purely based on merit, then nothing can stop that nation from becoming a superpower.
When will be an episode about the asutrian economy??? I think it's fascinating because of their conservative point of view and despite being a relatively small country its second richest country in the EU
I like your videos, but some of the ideas in this one seem to be a bit optimistic. China's economy is robust, as long as it is robustly export-driven. Unlike the U.S., China does not possess a mature, sustainable consumption-driven economy. It's demographic problems (which you really didn't go into), the persistent prosperity gap, and the lack of an institutional social safety net - all mean that there will be no consumption-driven economy for at least 20 years. Without that replacement generation, domestic consumption and tax receipts will drop. Like you, I am hesitant to predict the future. But, this impending demographic disaster and the accompanying economic impact can be considered inevitable.
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Can you do a series on the Martian Economy. I know it's a strange request but we need inclusion, the Martians are't included in anything.
I dare you to do the economy of Greece next. That would be a nightmare, but pretty entertaining nonetheless.
Probably impossible to figure out completely online. Either get an interview or find newspapers
@@markm0000 why ?
*_"It's my money and I need it now!"_*
EU: *_"S H U T T H E F U C K U P !"_*
That would be very interesting, but I have to tell you Greece is not as special as you think. To give you a rough idea, the damage was mostly done by ignorent people that elected corrupt/socialist and borderline traitorous governments that increased government spending, using it to create votes and support, not economic growth, while ignoring the incredible economic potential that the eurozone and european union brought (amongst many others )
Greece has pretty much recovered since but a lot of damage remains.
@@John_winston The problem with the Greek economy is that it's very informal. Meaning people don't declare their income and thus what the GDP and other economic numbers are on paper are completely different from reality. Thus it's impossible to look at statistics and numbers online and make a realistic analysis of the Greek economy.
"China went from a country barely able to feed itself to the world's second largest economy in less time than the Simpsons has been on air." That is crazy.
Proximus stolen technology and espionage.
@@lance8080 Shut up mate. Hate the Chinese government or don't, you can't deny that they have done wonders for the economy. Strangely enough, you can't have the 2nd biggest economy in the world with just pure espionage.
@@jejo874 still, you can't deny that stolen technology and espionage does help China a ton.
@@nestword5654 stolen technology and espionage help every country a ton.
e: grammar
@@jejo874 so????
you admitted yourself that stolen technology and espionage does help China a ton then?
Also, no country use stolen technology and espionage as much as China lol. So it helps China more than any other country.
09:58 "People were allowed to buy real estate". Yes and no. You can buy buildings in China, but land can only be leased, it's 100% state owned.
I think that just how buying land works. In the US, you buy land, but the land is subject to property taxes and it's part of US/state soil.
@@garmenlin5990 think about it like this, in china you buy the land from the government. In the USA you buy it from an individual.
@@harrytyre3765 Except a individual can not send you to a re-education camp for taking a photo.
@@garmenlin5990 Property taxes in US are to cover costs of services surrounding the region. It is not the same as land belonging to the state in China. :-)
Bien Nho no... you can’t just stop paying property taxes. They will seize your land.
"Doesn't matter if it is a white cat or a black cat, as long it catches mice, it is a good cat" - Deng XP
Also called pragmatism.
@@meandmetoo8436 cat: eats mice but attacks people and has rabies
Me: yup. Good cat pragmatists
@@kyrlics6515 I'm talking about the quote bot the cat.
"Also. As long as we can eat it, it is a good cat."
@VG TTVnoobyYT and historically accurrate
Reminds me of the Onion video 'Understanding China', which described it as "a communist nation which is somehow even more obscenely capitalist than our own."
*grotesquely capitalist
@Shawn Li they have so many regulations that they had to ban popular websites
@Shawn Li india didn't tiktok out of economic policy. It was just mostly a political move to cater to the popular opinion.
based
@Anurag Chakraborty If you read Engels and Lenin, you see that "State Capitalism" is a necessary phase that presupposes "actual" Socialism. What China is doing is like an enlargement of what the USSR was doing under the NEP, that is developing productive forces. They opened to the world in order to acquire its technologies and research. That implies having a system oriented to foreign relationship. Still, a communist party guides the government and does what is necessary to redistribute and make sure no one steps out of line.
This is an excellent video, showing a deeper understanding of China than the typical superficial news report. One detail though: the first four SEZ Special Economic Zone were Shenzhen, which has been wildly successful, Xiamen, which is still prosperous, and Shantou plus Zhuhai. Shanghai and Beijing were not on the original list. One can admire the success of Shenzhen (largely due to its connection with Hong Kong) and Xiamen (largely due to its connection with Taiwan), and balance it with Shantou and Zhuhai.
I don’t get the sense that he was criticizing China, but perhaps he was? I get the sense that he tried to present good background information that is sorely lacking in today’s soundbite news, propaganda, and disinformation campaigns. People in China has largely lifted themselves out of poverty, in numbers that is unprecedented in human history, without relying on foreign handout, and that is absolutely a good thing. But China is still relying on a 19th Century ideology, namely communism/authoritarianism, that is incompatible with modern day western democracies. Which system will prevail? This is something that will play out in the next few decades.
@ And why is it important to realise that? We accept criticism as long as it's not a made up claim or a straight forward insult.
@@korich7152 China has long abandoned pure communism, it's under socialism with Chinese characteristics (ie. some advantageous features of capitalism). In fact, no successful country in the world was built on democracy. There are some very interesting debates on this topic by Intelligence Squared if you wanted to check out.
@@korich7152: According to America's most famous psychic Edgar Cayce, he prophesied 70+ years ago that China will be the cradle for Christianity and evolve to a democracy to lead the earth to a peaceful world civilization: www.edgarcayce.org/the-readings/ancient-mysteries/seven-prophecies-yet-to-come/ ; th-cam.com/video/aK559_ZuQH8/w-d-xo.html
There are those who believe China is no longer a communist country, which means these people were not thoroughly subscribing to the party line, which always emphasize the supremacy and greatness of the party. Whatever these people want to call it, structurally the system in China is still authoritarian, with the boss calling all the shots.
Those that doubt whether Marxist-Leninist economics is even feasible has obviously not studied the history of the Soviet Union nor Nazi Germany, nor present day Cuba. It is feasible, but it does not work well.
As for those that claim "no successful country in the world was built on democracy", I would say there are plenty of failed countries, past and present, which did not have democracy either in form or essence. While democracy is not perfect, it is better than all other systems out there. You should be thankful that hopefully you live in a society where freedom of speech is honored and guaranteed, instead of having some big brothers having the power and right to veto and limit your thoughts and communications.
"Hong Kong which was kind of its own economic zone at this point"
It was literally a part of the United Kingdom back then...
The Devil's Advocate And heavily influenced by mainland. So yeah, it was a China economic zone.
Hong Kong was a British Dependent Territory of the United Kingdom. However they had (and still have) their own currency, the Hong Kong Dollar.
Yeah, but the Brits refused to give them an equal passport with the rest of the UK. So they were second class UK citizens because they were yellow.
@@tydalm.9665 What are you trying to say wih HK in regards to having their own currency? Are you saying European countries part of the EU using the Euro arent independent or have their own economy?
@@yerri5567
I'm not "trying" to say anyting, I wrote two sentences, which have some sort of relevance to the comment made by OP. If you can't figure out why having an own currency has atleast some relevance regarding the expression "kind of its own economic zone", I'm really sorry. Maybe my two sentences haven't been meant for you then.
"All men are born equal, except me ofc"
"All animals are equal, but some are more equal than others" Animal farm
All men are not born equal, some people are just better than others
Yiu believe the lie that all men are born equal?
All men are created equal … that's what Christian talking about.
All men are born equal… that's like socialism somehow.
He said All men are created equal when women were not allowed to participate politics and African Americans were bearly called Humans. Dude, Black lives matter and all lives matter.
Can we get a video going into the details of the internet's effect on economies?
Data is the new oil
Amazon
Try to live without Internet for a few months and you will know the effects.
I am Russian and I admire China's economic success. They were able to pull their country out of a hellhole while we headed our country into it. They have achieved so much in the last 20 years and they are only getting richer. Long live China!
China should be thankful to know there is a small south eastern country with a similar demographic makeup and an autocratic political system, Yeah, it's Singapore, China has learned a lot from Singapore in terms of governance, the successful story of Singapore even today also strengthens up Chinese government's confidence in building China into a good though crowded place to live.
ive visited and read about singapore and its pretty amazing
Singapore received much help from Taiwan in its beginning.
@@lucioagelvis2134 Yes I've read the history
Lucio Agelvis and Israel. Singapore received initial military assistance from Israel, the two countries still have good ties.
Exactly
China’s growth on the world economy is the “one of the greatest achievements in world history”. The poverty rate went from 88% to less than 1% and life expectancy increase by more than 10 years. And many more achievement can be added.
Also China has the longest continuous history of any country in the world-3,500 years of written history.
india has even longer
@@monarch3724 India has been a toilet for longer
And all achieved thru own hard work, not colonizing, waging illegals war, steal pollage...etc
Hats off to China, Chinese and their Leadership for such an amazing accomplishment 👍👍💪💪
@@monarch3724 I don't think India before the Aryan conquor is the same India after.
With your logic, Egypt and and Iraq should be the longest.
@@zeflute4586 there is no such thing as aryan theory.
The same people who lived in indus valley civilization moved to gangetic plains established cities like varanasi & now live throughout india. Except the skin color all the facial features of all mainland indians is exactly the same.
The same bangles found in indus Valley civilization is still wore by women in india , the same shiva god is still worshipped.
So yeah india is oldest surviving civilization on earth.
If you have a chance, you should read more about Zhao Ziyang, who was the real engineer of China’s reforming and opening up, but he was off-office in 1989 after the Tiananmen event
Dont forget hu yaobang
The worst thing is there are people working for the gov on AI and other technologies that threaten privacy. And they are aware of it but prefer money over the future of everyone else in the country.
Hmmm... Interesting. Who were among his cohort? I'm assuming Zhao was both an intellectual and a statesman. I'd like to read from their writing or writings about them, if they exist.
@@Flamenc0 No, chinese people have another kind of idea when it comes to privacy, and it's absolutely not equal to the western individualism kind of privacy. They're really sure that these AI technologies, face recognition and other kind of surveillances are there for their safety, and that's why the crime rate is low even though they have a 1.4billion population.
@@Flamenc0 yeah, that was in better hands with the NSA...
13:22 EU4 players' heartbeat went up.
John Wick +20% trade efficiency modifiers give me an orgasm every time
moyu man economic idea group
Deng Xiaoping 6/6/3
Love the final thoughts comparing Japan to China. It is realistic and positive in a way that China still need to do better to uphold its world stage.
Gonna open this video in few hours to look at the coronavirus jokes.
Theres quite alot already
Please come back
It’ll probably spread quickly
They're so funny, I *died* laughing
It's just the same jokes rehashed over and over. Was funny but now it's just stale af
I've been learning to speak Chinese recently; I can confidently say it's been the rewarding experience of my life
It's like discovering a whole new world of culture and history
My wife is on Duo Lingo doing the same thing. Given the shifting economic landscape in the world I think anyone under 30 would do well to pick up Mandarin.
@@CarFreeSegnitz massive yuck
It's a good idea. I've been doing the same with Chinese and Spanish, and with English I can converse with 3 of the most spoken languages in the world. It's fun.
Good for you! I studied Mandarin a few years ago as a hobby and it really made me view languages in a different way.
加油！I'm also learning French and Japanese.
"Best comeback ever"
Did you watch Liverpool pull back 4 goals in the 2019 Champions League semi?!
Such a nightmare for me
Or the All Blacks against Ireland at Chicago Park....yeah
Nah, did you see the miracle of istambul?
Hahaha my exact thoughts upon seeing that thumbnail.
YNWA
@@grimmortal lol I'm a utd fun, buts it's just straight facts
First he's said china give up on government-planned economy and this why it's successful .. then at the end of the video he says it's still a government-planned economy.
China is a mixed economy (public-private partnership)
pretty much all economies are mixed, its just a matter of degree
@@mxn1948 Yup
The interesting political question is not "is China socialist, state capitalist, or just capitalist." The question is "will China liberalize or use its newfound wealth to build up a new socialist economy.
Best comment. Answer is probably a little bit of both.
China is effectively a capitalist authoritarian democracy
@Nathan Hoffman bro I don’t think you know what authoritarian democracy means
@Nathan Hoffman “Authoritarian democracy is a form of democracy directed by a ruling elite of an authoritarian state that seeks to represent the different interests of society. Authoritarian democracy has also been called "organic democracy" by some proponents.”
@Nathan Hoffman well unfortunately you don’t get to decide, the first democracies in the world were authoritarian democracies lol
Little disappointed you didn't mention Township and Villager Enterprises, which dominated the Chinese economy in the 80s and 90s. One of the biggest is the Huaxi TVE, which was (and maybe still is) the richest village in China. Cheng Li wrote a great piece about them called "Is a Rich Man happier than a Free Man?" A fascinating and great read, if you can get your hands on it.
"Hong Kong was its own special economic zone at this point."
Hong Kong was a colonial dictatorship run by the British at this point.
Wasn´t a dictatorship though.
@@jakubvoborsky48 Hong Kong was basically a dictatorship. It was governed mostly by British appointees and businesspeople, with ordinary people holding little to no political power. Where it differed from Mainland China is that it allowed for free enterprise and civil liberties. Given its importance to British trade in Asia, it was also invested into and developed heavily.
Pls do a video on export led industrialization policies of tiger economies like south korea,Taiwan,Singapore, Hong Kong in the 50s and 60s
It would be great if multipart series were labeled with the parts on them. Love these videos.
To the impulsives out here who're going to ramble about "stolen tech", etc., be advised that the Anglosphere did the same... They copied everything from the Greeco-Romans, Chinese & Indians with Arab, Persian & Mongolian sponsorship, then built moats around it (Intellectual Property rights, colonization, etc.)... That's the key to "Western" success. You have many successful types (like Warren Buffet) brag about it all the time.
It's all about taking from others, adding it to your (oftentimes meager) pile, then building walls around it the moment you hit a little favorable asymmetry.
All men are created equal. The one statement all governments like to say but never act on.
i don't think the governments with monarchies like to say that.
yeah but then in seriousness I don't think we even have a consensus on the definition of equality yet
Mao tried but failed.guess it’s human nature
All men are created equal, some men are more equal than others
Not true anyway, at least if we're talking about ability.
China: don't call it a comeback! I've been here for years
? It is a comeback
thats exactly why its a comeback
*Centuries
Centuries
that's a comeback
Do Mexico next, please. It would be really interesting to hear your thoughts on the Mexican Miracle and on the subsecuent economic downfalls and particularly right now with the change of policies enacted by the current government
Mexico basically fell into the classic resource trap. The country failed to diversify its economy and when oil prices fell, the economy crash.
Hahaha, nice subtle shot at Paul Krugman
As a Chinese who spent 10+years living in both China and the U.S., I think the future of China's economy and its growth potential lie in whether China can transit to an innovation-based economy. So far it ain't looking so great lol. We got some hyper-conservative leaders running things while America is trying to f*** us over all the time. A lot of highly skilled Chinese workers are migrating to North America, Europe and Australia due to the heavily political business environment in China and it's basically weakening the Country's innovative potential.
Beijing Daddy thank for the insight brother!
Haters gonna hate, but it sounds like the biggest obstacle comes from the house rules themselves. Good luck asking to make changes though.
Please do Botswana's economy next
Please cover current economic slowdown in india
It is on the plan for sure :)
Economics Explained can u make a video on brexit and how it could lead to the uk thriving or stagnating in the future
Thanks for replying.. been a loyal fan...love watching your videos and analysis... This channel deserves a million subs,hope you get there soon.
I really love your videos. Specially this one. Would you create another video discussing the implementation of the current China economy in countries like Cuba, which is smaller in population and land, but also sort of communist with one ruling party?
8:50 "they needed to produce everything a porn nation needed"
Fap less.
Very mature
What would that be? Toys, tissues, magazines and smartphones?
Almost every nation is a porn nation
I heard poor
Love your videos! Could you mention the year each event happened more often, just for reference? Stability = a good economy, hot take.
Terrific!Just loved this series, it is so easy to understand!
The market's free, the people aren't
They have decent freedom
@@derxert true but when the government is entitled to take away everything you have whenever they feel like it, it is still hard to feel secure. This is why many wealthy Chinese individuals purchase real estate in western countries and try to get citizenship elsewhere. In the U.S. wealth dictates politics and interestingly it's the exact opposite in China.
No where on the planet can provided your with “freedom”.
Please do one about Brazil. Thank you for this channel, it is great!
Perhaps a Harry Potter economics video next?
spoiler: they don't make no snense (based on my reading of Harry Potter and the Methods of Rationality)
Grandpa Deng was the Chairman of the Central Military Committee - that is the most powerful post in China and it was because of that that he was recognised as Paramount Leader
A tiny man with the stature of a mountain , perhaps the greatest Chinese leader of all time.
K M Miller haha would u believe some maoists are saying Deng was corrupt and squandered away all of Mao’s economic achievements?😂😂 tbh all 5 PRC paramount leader played their part and did their job; they should all be praised and remembered
Can you please do a video on Brexit since the UK just officially left, mentioning the trade negotiations and speculate over possible outcomes.
It would also be great of you could do an episode on family offices, hedge funds and other similar investment vehicles.
Love the channel
if you made a 5 hours series on the economic history of china, that would make me very happy.
*The spelling mistakes in that description are just a meme*
Other than segue, there aren't any spelling mistakes. The only other errors are China in lowercase, and the apostrophe in videos.
I only noticed two. (That's not counting grammar mistakes like China not being capitalized. Only spelling mistakes.)
Very good that you use references in the description! It's increases the reliability a lot considering how much false "facts" there is on youtube.
Except he doesn't mention which information comes from which source much less chapter. To check if any particular statement is correct in this vid you'll have to read all those sources in full to verify yourself.
China need that kind of rule to be able to bring up everyone together. Never mind about the perceptions of the west. China don't want to be another India.
True
As a long-term expat in China (seventeen years and counting) I have witnessed the transformation. It's been exciting and there's an optimism prevalent in a place where every year is better than the last. It has been interesting to see when local or provincial officials pop up claiming that it's time to recentralize the wealth distribution (i.e. go back to actual communist practices) they either get managed out or worse. When you are the only party in town you have to make sure there aren't any crashers. The CCP is constantly trying to prove to its citizens that they can keep them safe and on the path to continued prosperity.
All they've proven to me is how dangerous and depraved they are.
Although looking forward the continuous prosperity promised only gets more difficult to achieve over time with the looming headwinds of unreversed aging, overleveraged debts, loss of easy profit opportunities, and industrial pollution further reducing the stock of arable land and potable water. However the CPC doesn't tolerate dissent or challenges to its power, but it might have to allow political competition to at least appear like they're the best choice, or risk ruling over an increasingly more suffocated and less productive China if it does survive intact.
It's not obvious right now, but in a couple decades the cracks will become more visible. The question then is will the Party find flexibility to absorb those stresses, or will it double down on hardness and likely get more brittle in the process.
China: Claims to be communist
Also China: Free Trade
Impressive! Fourty two seconds and already 18 views! Look forward to watching the video!
The impossible trinity? Where was it? :(
10:40 Wise freaking words!
Capitalism intensifies
Sounds like capitalism with extra steps.
You have no idea how long I have waited for this video.
"Without Deng Xiaoping there would be no Azur Lane"
Tf, genshin impact too
pubgm
@@cat3784 not as good as the ones mentioned here
"It's all a bit *weed* "
Do Vietnam. I am curious about a comparison in similarities and most importantly the differences to China.
China economic comeback is even more amazing against the backdrop of US, UK, AUSTRALIA economies.
Good morning; I haven found your email :(
My name is Guillem and I am a student from Spain.
I have been following you for quite a long time, I love your content.
However, I think that you are missing a huge opportunity without translating your content, at least for the Spanish community.
I write you because I could do it for you, Spanish is my mother language and I could traduce the text and record it in Spanish. Also, I speak French, but I think that it will be better to focus on Spanish first.
If you like my idea I could start translating you one video for free so you see if you like it.
Looking forward to your response
Don't worry; for the past few videos, he's replying to comments. Don't stop commenting on his videos!
Haven't.. and to be formal.. "Have not"
joshtong1234 true
Check the video description, his email is there.
又见赵吹
I'm unclear on something. The video said that China is "in no sense a socialist state" and then a minute later said that modern China still has a centrally planned economy. But a centrally planned economy is the essence of a socialist state, similar to how privately owned economy is the essence of a capitalist one.
The Chinese Govt CCP did an amazing job to bring their people and the country into such high living standard today. Truly amazing. Bravo!! 💪💪👍👍
I can't think of a better time for this video..
Best come back ever? That award should be for Germany.
China was the 2nd poorest country in the world in the 60s, 90% of the country was living in poverty. China is the greatest comeback of all time
@@Mike-bt3ki but the German went from having an overinflated currency after WW1 to a dominating power in europe in WW2
they comeback faster and harder than china in my opinion
Danang M. Fauzan China got destroyed several times while invaded by multiple European nations. They lost millions upon millions of people and continued to lose millions from the failed revolutions by Mao. China made better comeback in my opinion.
@@aussieboy4090 But those millions don't mean as much to 1.4 billion people.
Nah. It should be Japan. No other country had two nukes dropped on it and came back to becoming the second largest economy that rivalled the US during the 1980’s.
Great series! Whether you like it or not, China is fascinating.
Do a video about the economy of the British empire
The key issue you failed to understand is the Chinese culture and philosophy towards their government is very different from that of the West. For over five thousand years, the Chinese look at the government more as the head of the family to be respected and not someone to fight with. As long as the government makes it possible to live a good life, most Chinese will be happy with the government. But if life becomes miserable, they would have issue or revolt against the government. Through out Chinese history, it has always been a 'one party system' - the Emperor in the past and the Communist party now, and not a multi-party system like those in the West. Which system is better? They both seem to work in different countries! If the West truly believes in democracy, that is the freedom of choice for the majority, it should not try to impose its own system on other countries. They should allow the people of the country to decide what is best for them. The Chinese never try to impose their system on other countries, but the West, especially the US, has been trying aggressively and often by force to impose their system on others. Is that democracy? Is that freedom of choice? I call that hypocrisy!
“The Chinese never try to impose their system on other countries”. China has fought border conflicts with almost all of its surrounding nations. And what about the Chinese invasion of Vietnam? I will agree that the US has quite an aggressive foreign policy and can be seen as the aggressor for most of the Cold War, but don’t act like any nations are morally superior to others.
can you do a vid on the economics of deadly viruse, like sars and so forth? thanks.
Just did one this week
Dude you need to put links to the other videos, I looked for this video for like 5 minutes bcuz pt 2 had no link
Finally! The trilogy completed!
13:38 Krugman isn’t entirely wrong. While the Internet’s impact on society and culture has grown dramatically. The Internet’s impact on productivity growth, the basic ingredient of economic growth, was largely in the 1990s and the early 2000s in the US. This is one explanation why economists see productivity growth being so weak in the last 15+ years in the US. And productivity weakness has been frequently cited as the source of weak wage growth. Productivity growth, while it can be enhanced by solid economic policy and good governance, often comes in starts and stops when new leaps in technology and science occur. This is what the four industrial revolutions have been.
Do the ex Yugoslavia countries next! Btw love ur vids bro
Brilliant analysis of an extremely difficult subject
As much as I dislike the ccp, you gotta admit they did a pretty good job with their economy
vvery very very good well explained video!
So in other words China abandoned communist economics for fascist economics?
Ikr
@@shermanbrown419 basically how fascism worked according to Mussolini, mixed economy where corporations were directed by the government.
As an Indian, I think we can learn a lot from China. Their economic growth is just amazing.
and your economic growth are also amazing with your IT revolution 👍🏻
The 1970s were a hard, hungry time in the US and I remember one thing that was imported from China was a sort of dried fruit snack called Haw Flakes. A package of those was cheap enough that my mom could afford to buy it for me when we took the bus into town, and speaking as a skinny, hungry, kid, a package of those were like Heaven. Thank you, Worker's Paradise, for the Haw Flakes. May the world be united under Socialism some day and no more kids go hungry.
Deng Xiaoping famously said, "to be rich is glorious" ..... however, he was not embracing capitalism ..... the rest of the quote is the most important, "poverty is not socialism".
China thinks in centuries, the 'west' now thinks in days and hours. Deng's long term vision was to make China a worker's paradise. Xi Jinping has taken up that baton and is succeeding. This will indeed be be an interesting century, we will live in 'interesting times'
The elephant in the room is, of course, India. However it is being held back by democracy, religion and a deeply embedded caste system.
Talks about Chinese industry - shows a factory in North Korea
Everyone in China is talking about how China can avoid the depression Japan had in 1990s and avoid Middle Income Trap that a lot of South American counties are facing.
One significant change I saw in last decade is that the quality and functionality of Chinese products have dramatically improved and even innovated. I have been living in Toronto for 5 years and every time I went back to China or browse on Taobao I got surprised how many innovative and yet affordable electronic or home appliances come to market. These products could be barely seen in Toronto because traders here are still in the old thinking of buying cheap Chinese goods then sell high for profit. Plus a lot of those innovative products are Chinese brands which western customers are not familiar with and less trusting made in China. In reality, it’s just the big corporations are not willing to bring good quality Chinese products to the market because it’s higher cost.
I’m not blindly confident in China’s future because clearly there’s still a lot of challenges for the Chinese government to handle. I just feel the world need to or should have updated their impression on China long long ago. China accepts reasonable criticism and advice or at least I personally accept. But criticizing China of being communism, or low product quality or human rights etc, is way way outdated. After all, if you want to hate, hate from the reasonable angle.
Now give me the 5 cents if you believe me to be a Wumao member, which is just another outdated stereotype. Back in China, it’s about more than 10 years ago while we laughed at Wumao.
Why can't we criticise China's human rights record though?
uh, nope, nobody is going to stop criticizing China, no matter how good your products get haha (you recently tried to censor Denmark, and 'bullied' Sweden). These attitudes on the part of your government will only reinforce negative attitudes towards the Chinese populace, even if not everyone is at fault. You have played your cards well and a lot of economies depend on the Chinese now, but that doesn't mean they like you (I'd dare to say most, if not all, South East Asia, hates your government, and don't get me started on the West)
@@Miquelalalaa charity starts from home. Go and look into your own country's human right before you condemn others.
To Chinese all Western human rights are FAKE HUMAN RIGHTS.
@@peterhsieh6597 It's not a binary choice, i'm very critical of my country's infringements on rights like freedom of speech, but i'm also critical at China's authoritarianism, totalitarianism and treatment of certain minorities. You've simply become so brainwashed that you deny the legitimacy of basic morality.
@@peterhsieh6597 what a tool
THE BEST COMEBACK EVER?
Germany: Am I a joke to you?
2nd biggest economy?
BluDC Japan said hold on to my no longer Radioactive Beer 🍺
Tourdo ops it still exports almost as much
indeed it is ... Germany wasn't rebuilt by Germans more like Allies who wanted it to be strong as direct front against Soviets ... imagine if Germany went under Stalin as whole and refuse Marshall plan money. You would see comeback ... back to stone age. Yeah joke.
@Tourdo ops Germany is still the fourth to largest economy in the world, the largest country by population and GDP in the EU, the largest economy in Europe, and one of the premier countries for high-end manufacturing. Few words guarantee quality more than "Made in Germany".
To sum it up, to quote Kraut, it is becoming apparent that what makes you rich, does not necessarily make you free.
what you said doesnt matter, everything is different in micro & macro level. What works the west might not suited for others. Take example, Indonesia, it is not democracy, but democrazy already
Ya, like if u oil rich, it just make u a target of free hating imperialistic corporation and their lap dog politician
0:08 - No, that's Saskatchewan!
Great vid. Listen, I want to know more about China's brand of communism. I'm no Ph.D in economics, though, so could you recomend some introductory literature on the subject? Do je in advance and merry Christmas.
Please do a video on the "south korean" miracle!!
I have a question: when comparing countries between each other, why are you using nominal GDP? in PPP GDP China is the first economy in the world, by a very far margin, and if i understand correctly, PPP reflects the real volume of the economy beacause it takes inflation into consideration. So it's the real purchasing power of the value of all the national products, right?
And then there's the per capita GDP. How does that work?
I love your videos btw!
@ What do you mean by artificially inflate? Are you talking about inflation? Because it's the nominal GDP that gets "naturally" inflated trough time, right?
Try doing an economics on Argentina, even tho i doubt one video will be enough lmao
I wished India could grow like that too
India preserved it's heterogeneous character while avoiding any major bloodshed... Whatever internal crises it faced pales in comparison to the ones like 60 million killed in China's (modern) early history, or the brutalities meted out to the native Americans+slaves in US' early history. Also, the US began as essentially an oligarchy of land owning white men. Less people to satisfy, the better it is early on. That is the price of rapid development... getting the fierce & quick momentum from illiberal & unquestionable power, then directing it to where it's needed.
India instead held itself to the highest virtues pretty early on... full female adult franchise, equality before the law for all, etc. Now you better be happy (if not proud) of this early choice of yours. Hopefully, India will turn into an advanced economy soon (socially & culturally it already has).
@@jojobabok9373 Such things are only on paper if we really look into it indias politics ia based on religion and caste,goons are openly going in universities to beat students with sticka because they are protestion against govt policies and police is doing nothing but watchig, we can see religiously discriminatory policies recently approve, india's economy slumped to 5%pa in 2019 and due to cornavirus it not expected to rise much this year, unemployment is 45 year high
@@jojobabok9373 also according to imf and wef and some other organizations india hase slipes on democratic index, social mobility, gender disparity gap, worlds 28% poor live in india, delhi is one of the worlds most polluted city in world. I saying all these does not mean i font love my country its just that these facts frustate me.
@@viksitchoudhary8687 The present domestic political situation in India may seem terrible, but in the big picture this is just the beginning of a new era, with India attempting to reconnect with its civilizational identity & character. Looked at from the perspective of pure global power dynamics, this is a good thing. (A strong civilizational narrative is almost indispensable for any great power aspirant. All India currently has is a patchwork of conquests & colonization, & a few palaces, forts & tombs to show for it. Past atrocities by out-groups either get normalized or diminished by other means). Every powerful group in history to present has undergone such an identity struggle... the ones who emerge victorious move the world. Of course the rest of the world (& certain internal vested interest groups) won't make it any easy for India.
The way this goal is currently being pursued in India is indeed juvenile... Impulsive & loud mouthed ministers & MPs with their emotionally-charged blabbery. A lot of them lack the dispassionate outlook one needs to have, to see this project through with maximum effect & efficiency... The project being the building of an inclusive identity that's religion-agnostic, while firmly centering power around India (as opposed to an Arab-centric Ummah, or an Anglo-centric "21st century" "modern" BS.)
This reactionary political situation in India today has been caused by this need being left unaddressed for so many decades. But I hope it soon takes a more mature form... before things get irreversibly ugly.
@@viksitchoudhary8687 Coming to the economy side, nobody is doing any better around the world... but some do have the national power to prevail in adverse situations that'll soon emerge across the world (climate change induced crop crisis, land being swallowed underwater, epidemic outbreak, etc.) This is what needs to be worked on long-term. The present economic situation was caused primarily due to the mismanagement of the post-91 economic "reforms"... Capital-intensive construction & finance sectors were encouraged, while labor-intensive manufacturing sector was largely ignored, as well as education. Stock markets soared, but the economy was rigged for long-term unemployment & allied problems. The final push was most likely the hastily pushed BS6 norms, which slowed down car sales, sending the automotive sector to stress.
With the right measures & favorable world circumstances, India will most likely recover soon.
As for 28% of world's poor, you do realize that's a nominally calculated figure, right? India's present poverty rate is 3%. That's a drastic reduction (literally uplifting hundreds of millions out of poverty within a decade... A score beat only by China, but you know the means they get to employ.)
Delhi is polluted, so is Los Angeles. An aggressive push into the e-vehicle sector might locally solve this (although the coal that'll be burnt presently to sustain those vehicles will cause a lot of broad based pollution, at least it prevents toxic level concentration in a single place).
And slips in democratic indexes are fine, long as they're within expected tolerances. India is still juggling with a lot of formative problems that were left unresolved for so many decades, this temporary phase will hopefully soon be over. Like I said earlier, holding yourself to absurdly high standards so early on (relatively speaking) is going to have this effect.
Theres needs to be a part 4 called Coronavirus aftermath
Definitely agree with you the economy will be drawbacks
which will be no more than 20 seconds long -- COVID19 slowed China down for 4 months, that's it, the end.
I'm from the future, the corona virus was not able to stop China
that will be a new series which doesn't include China
Love your vids mate but there are A LOT of ads on them, especially these older ones. Obviously monetize how you see fit and I'm not about to try and tell an economist how to go about it, but figured id give you a heads up incase TH-cam changed something in the back end. Cheers
nobody:
Randdom bat-soup in Wu Han: Ima ruin this mans career
Bat soup video of woman was filmed in Palau a pacific island nation 3 years ago Lol
Coronavirus actually comes from snakes
TheSmellyBanana 84 dammit 1% of China, u gave us all a horrible image
@@Mike-bt3ki Proof?
Even ebola came from bats but people still eat them 😤
450 billion wiped off the Chinese stock exchange last night. 80% of the nation's industry on lockdown due to epidemic. This may have been poorly timed.
The economy of Puerto Rico
75% despacito, 25% tourism.
Yes.
if they can pull it off its an amazing economic system, but it puts a lot of trust in just a few party officials
Unlike Japan there's not going to be a Plaza Accord. The "Age of Humiliation" will NOT be repeated.
No, but a wild coronavirus can shake things up...
@@ericchiang1765 The virus is in decline, China's containment strategy is working. Maybe 500 basis points off GDP max, but nothing permanent.
The difference in China is political system always above capital. While in U.S., capital is above political system through lobbists and interest groups
The former isn't necessarily a problem, except in the unchallenged one-Party system only an exclusive select few truly have a say in the political system when they're not busy backstabbing each other at the first opportunity.
where can i find the source that contains the information about mao zhedong punishing harder working civilians? i need that for my assingment im not able to find that information on google :/
because its fake and wrong.Mao period does has lots of catastrophic economic policy
，but not this.His video is so nonprofessional and I can hardly watch it
.He also said Japan was “settle” but Japan has lost 20 years and ...now 30 years
If the people of a country are ready to work hard and the nation is run by people who are from them chosen purely based on merit, then nothing can stop that nation from becoming a superpower.
Can't believe this page isn't verified
Ahh its still a pretty young channel. The wheels of bureaucracy turn slowly, hopefully I should be able to get the lil tick soon!
Hey EE. Could you make a video on the changing economics in this world and it's future. Thanks.
Juche Tower is a monument in Pyongyang visible in the picture of "China" @ 4:50... nice try.
When will be an episode about the asutrian economy??? I think it's fascinating because of their conservative point of view and despite being a relatively small country its second richest country in the EU
@Economics Explained
@Economics Explained
I like your videos, but some of the ideas in this one seem to be a bit optimistic. China's economy is robust, as long as it is robustly export-driven. Unlike the U.S., China does not possess a mature, sustainable consumption-driven economy. It's demographic problems (which you really didn't go into), the persistent prosperity gap, and the lack of an institutional social safety net - all mean that there will be no consumption-driven economy for at least 20 years. Without that replacement generation, domestic consumption and tax receipts will drop. Like you, I am hesitant to predict the future. But, this impending demographic disaster and the accompanying economic impact can be considered inevitable.