Lecture 29 - China

Lecture 29 - China - interests to defend party-China: Opens...

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Lecture 29 – Ed Friedman on China Deng Xiaoping – 1977-95 o When comes to power, finds a command a command economy o Economy results in shortages, lack of innovation, lack of flexibility, lack of entrepreneurship o Copied from Stalin, however: smaller industrialization Tacit Minimums - Some kind of basic payment from state - Receives subsidies: however, tremendous inequalities, lower quality of life Changes when Xiaoping rises to power? - De-collectivization of farmers: farms could market anything, entrepreneurial - Rapid and thorough economic Reform Initial Conditions: Russia and China - Russia: War Communism 1918, too long of collectivism o China begins the transition only after a decade at 1976 - Russia: pact dependence, afraid and unaware of entrepreneurship, resistance to change because corrupt benefits o China: cultural revolution: assault against the party, no entrenched
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Unformatted text preview: interests to defend party-China: Opens to the world market; great location o Creation of special economic zones o Welcomes capitalism Chinas Transition-De-Centralization-Changes legitimization of the regime-Location: East Asia investment; tourism-Plaza Accords o Agreement to raise price of economy o Huge capital rush in China-Political will: o Replacement of Zedong with Xiaoping Best Practices-Special economic zones-Low price capital-Exchange of technology-Transformation of industry to competitive world wide firms Unstable?-Political elites are corrupt: favor friends and family largely polarized-Market-Leninism-Largely growing nationalism-Beijing Consensus o How did China grow as rapidly as it did? o China is an authoritarian model...
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Lecture 29 - China - interests to defend party-China: Opens...

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