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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).