The Dig: China Boom w/ Ho-fung Hung
Jacobin Radio
00:00
Maoist China's Self-Sufficiency
Maoist China's self-sufficiency as a necessary, if not sufficient, condition for capitalist take-off. Mao refused to borrow from international financial market to speed up the growth that many developing countries and Eastern European countries did in the 1970s. When interest rate of US dollar increased, all these long interest rates also increased. And then it was the origin of the debt crisis.
Play episode from 46:42
Transcript
