Justin Yifu Lin’s “Interpretation of China’s Economy” Notes 2

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Lecture 3 : Modern Humiliation and the Socialist Revolution

1. The exploration of intellectuals in modern Chinese history

The main reason why China has been constantly bullied by foreign countries in modern times is that the industrial revolution in Europe has rapidly widened the gap between China and the West, not because the government of the Qing Dynasty was too corrupt.

When studying foreign theories, one should be very careful that any experience or theory has certain preconditions for its specific application. If the premise changes even slightly, the resulting effects will be completely inconsistent. Don’t take a theory as the truth. This is a special point to pay attention to. -Why the Leninist model was successful in the Soviet Union, but not in China.

2. Reasons for copying the experience of the Soviet Union after the founding of New China

Lecture 4 Catch- up strategy and traditional economic system

1. Priority development strategy of heavy industry and traditional economic system

Heavy industry is a highly capital-intensive industry with three main characteristics: firstly, the construction period is long; secondly, key technologies and equipment need to be imported from abroad and cannot be produced by oneself; Even hundreds of billions, but most of the developing countries are dominated by agriculture. The very small amount of remaining funds means that: firstly, the price of accumulated funds will be very high; secondly, there are fewer exportable products and less foreign exchange and the price of foreign exchange is high; thirdly, production is scattered, and it is very difficult to mobilize funds.

The reason behind the isolated household registration system between urban and rural areas is the lack of employment opportunities in cities, and the reason for the lack of employment opportunities in cities is related to the implementation of the strategy of prioritizing the development of heavy industry.

2. Results of the Cooperative Movement and the Traditional Constitution

In the people’s commune, the freedom to withdraw from the commune was abolished, resulting in a decline in productivity.

3. The performance and impact of economic development before 1978

To be continued

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