How China Escaped Shock Therapy


Institute for New Economic Thinking has the interview posted on their Facebook page – How China Escaped Shock Therapy.

Isabella Weber, assistant professor of economics at UMass Amherst, discusses her new book on how China managed its transition from central planning to markets

You can view it below as it appears on YouTube.


I think the upshot of this is the application of my economic/social policy. I claim to be a “what worksist”. I am very much in favor of trying various approaches, and then adopting/adapting those that work, and downplaying the things that do not work. I am strongly opposed to deciding on ideological grounds what is acceptable policy and what is not without seeing if the resultant policies actually work. That translates into seeing what works, and then adopting it as opposed to deciding what “ism” to adopt and sticking to it whether or not it works.

A recent interview with Richard Wolff has eased my mind about the changes he is proposing – see the previous post Conversations with Marianne: Economist Richard Wolff. In this interview he explains that he thinks that “democracy at Work”, as he defines, it should be enabled, and then let people decide how much of that type of organization they want to be promoted in the USA. Previously I worried that he had wanted to convert the whole economy to his new model without even seeing if such an idea would scale up to the full economy and the full society.


August 31, 2021

The book’s title is How China Escaped Shock Therapy.


September 2, 2021

George Soros goes off the rails as explained by Michael Hudson in the article Soros’ Dream: To Turn China Into a Neoliberal Grabitization Opportunity. This seems to show that George Soros missed the interview with Isabella Weber

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