Ask Prof Wolff: Economic Growth in the USSR & China

CA 9+ Ask Prof Wolff: Economic Growth in the USSR & China 19,040 views •May 21, 2021 1.3K 17 Share Save Democracy At Work 237K subscribers A patron of Economic Update asks: "You often mention the USSR as the fastest growing economy of the 20th century. However, I am often confronted with the latest Maddison Project 2020 data which says something quite different. From that data, it seems Japan is the fastest growing economy of the 20th century and I am not sure the USSR is even performing that extraordinarily. Since I am not in the field of Economics, would you be so kind as to indicate a source for Your claim? What is the time period we are looking at to compare the growth and determine the fastest growing economy? Should I be looking at different data sets altogether? Can we even meaningfully compare the economic performance of socialist and capitalist countries by GDP?" This is Professor Richard Wolff's video response. Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/economicupdat.... Ask Prof Wolff is a @Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible. _________________________________________________________________________ Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself," available now at www.democracyatwork.info/books “A magnificent source of hope and insight.” Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy. _________________________________________________________________________ Follow Wolff ONLINE: Web: http://www.rdwolff.com Patreon: https://www.patreon.com/economicupdate Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Subscribe to the EU podcast: http://economicupdate.libsyn.com Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshop... 182 Comments Auggie Giuseppe Add a public comment... Kobina Sekyi Kobina Sekyi 3 days ago Thanks prof. most Americans and some Europeans are the biggest adult babies in the world. they simply can't deal with reality that isn't in their interests. 104 Jack McDonald Jack McDonald 3 days ago Professor, please do a segment on the Chicago School and explain why their pervasive theories are fallacious and corrupt. 14 FreeLunch ForChildren FreeLunch ForChildren 1 day ago The best way to know China is to go & see it for yourself. We went there many many times, from big cities to villages. The Chinese do things & they r building fast. I didn't believe at first, but now I do. 25 Gerald Meehan Gerald Meehan 3 days ago Thank you, Prof Wolff. It is interesting to note that we have never had Marxism as Karl Marx envisioned it. The countries that have had communist revolutions have been agrarian rather than industrial at the time of their revolution 24 M. Rebman M. Rebman 3 days ago If any follower of Professor Wolff now fails to understand the primacy of historical understanding (and by association, truth), the fault lies with them alone. This is a powerful recapitulation of well-known historical facts in their proper context. Great stuff! 16 Gary bigie Gary bigie 1 day ago So true. Just look at "facts". china is booming economically. The USA is not. Period. 9 Mark O'Phaeley Mark O'Phaeley 3 days ago History often tells the story better than elaborate sets of numbers. 35 13th Gaming Clan 13th Gaming Clan 6 hours ago Who would have thought that planning is more efficient then just doing random shit xD ? 2 M F M F 3 days ago When Kissinger visited China he asked Premier Zhou what he thought about the French Revolution, Zhou said the conclusions were yet to be revealed. Perhaps the October Revolution is no less significant in the making the modern world. China had sent economists overseas since the early 80s to study capitalism from the US, UK Germany, Japan, Korea, Singapore...but there was only one Soviet Union that provided a unique experience of a socialist system from its rise to dismantling in a real world dominated by the US.