The Relationship Between Market Economy and Capitalism

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A key puzzle of your book isqte, why capitalism did not emer spontaneously in eighteenth century china. Let's start by reviewing how capitalism did emerge where it did in europe. In theories as to why that happened, you write that a market economy is not inherently a capitalist one. So before we get to the history, first, let's define some basics. What is the relationship between market economy and capitalism?

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. Support The Dig at Patreon.com/TheDig