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The Socialist Era (1949-1978) Mapping Business Opportunities in China Capitalism and Socialism Crash Course World History #33 Video 14min The main focus of socialist government BIG PUSH development: All investment into rapid industrialization (factories) High level of GDP generated from investment (GLF 44%) Focus on the industries up-stream of the value Change (x to Taiwan, Hong kong – downstream) At the beginning the Big Push seemed to be working Differences between Chinese and Soviet socialism Planning less thorough (600 commodities vs. 60 000 commodities). X BUT political control much tighter. How did China manage to channel resources to where it waned ? Command economy! How do you get money from people and spend it on building factories? Phases of socialist economic revolution 1. 2. 3. 4. 5. 6. 7. Economic recovery (19491952) First Five-Year Plan (19531956) Hundred Flowers (19561957) Great Leap Forward (1958-1960) Readjustment (1961-1963) New expansion (19641966) Cultural Revolution 8. 9. 10. 11. (1967-1969) A new leap (1970) Consolidation (1972-1976) The leap Outward 1978 1978 an onwards – return of Deng Xiaoping and opening up Lets see the video! Investment levels Socialist period in short System that maximized flow of resources into industrialization and ignored competitive advantage of China (What is that?) But every time the system began to accelerate, it ran into fundamental problems.What problems? Results? CCP lost fait in Soviet model of communism (experimenting with market) Since Mao was already dad, the failures could have been blamed on him and Gang of four Good things about socialist era? High investment in basic human capitals (good healthcare, education).