The ching dynasty era chinese state took the demands of workers into account. By contrast, european states became eager to firmly ally with merchants to crush popular unrest whenever it emerged. And so as a result, you have the situation where commerce is not totally stigmatized, and repressed. State elites are actually investing a lot of money into commerce. But antripeners, instead of building these powerful families establishd over multiple generations, like the wrothschilds,. invest their wealth into becoming the real elites, which are the gentry and state officials.
Part one of a two-part interview with sociologist Ho-fung Hung on Chinese political economic history from the 18th century to 2008: why capitalism took off in England and then elsewhere but not in China; and then, how Maoist policy laid the groundwork for China’s ultimate capitalist takeoff and boom. Episode two will focus on the 2008 financial crisis, the deepening imbalances and heightened geopolitical conflict that resulted, and the current situation—including the impact of the crises surrounding Russia’s invasion.
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