In the liteen seventies there was a petrodada bom. That interest rate is very, very low. And actually, it looks silly lot to borrow money from interlectional international vilencia. So many a loans that is borrowed on moderate or even very low interest rays, suddenly has a kind of because they areajust aboe, variable interest rate. Many diveloping countries and eastern european countries, mostly both poland, suddenly find themselves in a very difficult situation when the interest rased suddenly sky rocketed. The moral ideology of self reliance. But another i reasons, of course, that this, after lexon a visit to china in the 19
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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