Demystifying the Chinese Economy
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Speaker: Professor Justin Lin Chair: Professor Danny Quah Recorded on 18 December 2012 in Old Theatre, Old Building. As a result of the miraculous growth since the market-oriented reform in 1979, China's status in the global economy has dramatically changed. This speech will reflect on China's unprecedented growth in the past 32 years, examine the reasons of that growth, and discuss prospects and challenges for China to maintain an eight-percent annual growth rate in the coming decades. Justin Yifu Lin is the former World Bank chief economist and senior vice president, development economics. Lin is the founder and first director of the China Center for Economic Research and a former professor of economics at Peking University and at the Hong Kong University of Science and Technology. Justin Lin is to receive an Honorary Degree from LSE -- Doctor of Science (Economics).
Comments
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key words in the sentence are not understood properly
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There was a question earlier about what he was saying in the video, I can confirm I believe he is referring to the "Advantage of Backwardness" which is an Economic theory.
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We Make Mints (Stock Market Trading Group) -
+TheGhostof HumanKindness
To understand why you have to understand the differences between the transition in both country. Russia didn't "move" to the market economy; their political system collapsed due to the planned economy failing. So instead of the political system in Russia being able to plan the change from a planned economy to market(the irony is not lost on me lol) the market economy simply came.
Total control to no control is quite a different situation than total control to releasing control. The former brings chaos; the latter allows Order. There can be no market economy in chaos as Order is the fundamental social requirement for business growth. What does the west have that most eastern countries do not have? The rule of law. What does the rule of law allow? Order. -
I still don't understand why the move from a planned to a market economy was a disaster for Russia but a miracle for China.
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Does anybody know where I can find Macroeconomic information on China. Either journals or reports. Thanks in advance. :)
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Nobody is saying anybody is special. China just happens to have 1/5 -1/6 of all people on the planet, huge natural resources, and a continuous culture of over 5,000 yrs. After the west, and Japan invaded & exploited China beginning in the 19th century, they've just been trying to get on their feet. They've had to play by the rules set by the west, but they also have 1,000's of years of economic theories of their own to access.
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lol comment removed, don't any of you people watch south park?
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His speech may be superficial, but he is a legendary figure. He is defected officer from Taiwan and escaped to Mainland, then became a professor in PKU, a phd in Univ of Chicago, Deputy chief of World Bank. Read his wikipedia, man. Sometimes what a man talks about does not matter but the man who talk does matter.
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they took our jerbs!
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It's really difficult to understand him - but he's saying really important things so MUST PAY ATTENTION !!!!!!!!!!!!!!
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No, I mean to say, "The talk begins at 7:45". Not more, not less.
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The Chinese is nobody special. They just learn and apply modernism better than others . The west may have a head start and better institution but the west also carry along a long train of ideological baggage. This is what more than most hobble them and makes them less efficient than what they could have achieved.
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Not surprising since you understand nothing. You are in the wrong forum. You should be on the Football Channel.
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may i know what he said at 19:13? comparitive advantage of....?
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The talk starts at 7:54 guys..
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Problem with the financial repression thesis: evidence does not fully support it, see for example Alessandra Guariglia, Xiaoxuan Liu, Lina Song (2008), " Internal Finance and Growth: Microeconometric Evidence on Chinese Firms" Journal of Development Economics, 2011, 96 (1), 79 - 94. And research on high savings point much more to underprovision of public goods, especially in the rural sector. More public goods -not financial liberalization- is the solution.
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