How China Escaped Shock TherapyIsabella Weber
How China Escaped Shock Therapy
by Isabella Weber · first published 2021
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China also learned a lot from the brutal liberalization in the breakup of USSR. Their own shift to markets was explicitly designed to avoid such a catastrophe. The book "How China Escaped Shock Therapy" on the topic is interesting.
on “Mikhail Gorbachev has died” ↗Price controls are bad in textbook economics but they can actually work well in certain circumstances. See Weber’s “How China Escaped Shock Therapy” and Galbraith’s “The Theory of Price Control.” This is the problem with supply and demand as the master theory of everything, it leads people to be overconfident theorists and ignore evidence.
on “In Economics Do We Know What We're Doing? Nobel Prize winner grows disenchanted” ↗