From the very beginning, the West was certain that China would not pull off its economic experiment. That certainty came from a set of assumptions about how societies function and political freedoms emerge. But those assumptions were wrong — and China became stronger than ever. Guest: Philip P. Pan, the Asia editor for The New York Times, spoke with us from Beijing. For more information on today’s episode, visit nytimes.com/thedaily.
Duration
23m
Broadcast on
04 Dec 2018
Audio Format
other
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From the very beginning, the West was certain that China would not pull off its economic experiment. That certainty came from a set of assumptions about how societies function and political freedoms emerge. But those assumptions were wrong — and China became stronger than ever. Guest: Philip P. Pan, the Asia editor for The New York Times, spoke with us from Beijing. For more information on today’s episode, visit nytimes.com/thedaily.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
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This podcast is supported by the Capital One Venture X Card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X Card, what's in your wallet? Terms apply, lounge access is subject to change. See CapitalOne.com for details. In the fall of 1984, a group of economic students and economists from across China gathered for a conference in a mountain retreat called Moaganshan outside of Shanghai. They met for seven days, seven nights, and they were there to really answer one question. How could China catch up to the West? The overwhelming impression of China today remains that of backwardness. Horse and human powers still do the chores machines would do better. China was basically enchantments. Mao Zedong had died only a few years earlier, and he had devastated the country with his political campaigns. More than a million people had been killed or persecuted, and still about three quarters of the population was living in extreme poverty. The government decided what every factory made, how much everything cost, the economy wasn't really functioning. For the average worker, the most sought-after consumer items are a major investment. A good locally made television at $300 is nearly half a year's salary. So as they were emerging from this isolation and this devastation, they looked out on the rest of the world, and they saw that they were far, far behind. It's morning again in America. Today more men and women will go to work than ever before in our country's history. The United States was the world's largest economy. Nearly 2,000 families today will buy new homes. Ronald Reagan was declaring morning in America again. Under the leadership of President Reagan, our country is crowded and stronger and better. Democracy, capitalism seemed to be working, while communism, authoritarianism, had failed in China. So what these students are up to is a major undertaking. No, it was a huge challenge. They faced political opposition, bureaucratic opposition. What they were talking about would have gotten them thrown in jail just a few years earlier probably. No communist country had successfully done what they were proposing to do. And what were they proposing to do? So these economists, these students, they batted around a lot of ideas. There was very intense debate often laid into the night, and one of the issues they'd been debating was what to do about the factories,
Transcription truncated.
From the very beginning, the West was certain that China would not pull off its economic experiment. That certainty came from a set of assumptions about how societies function and political freedoms emerge. But those assumptions were wrong — and China became stronger than ever. Guest: Philip P. Pan, the Asia editor for The New York Times, spoke with us from Beijing. For more information on today’s episode, visit nytimes.com/thedaily.
