The economic rise of China is usually painted as a simple story: it was poor, it implemented "the free market," and now it's rich. But that picture is a simplistic one – and it's not accurate. China's rise is a reflection of its NOT implementing the ideological dictates of "shock therapy," but in its pursuing a state-led policy of industrialization. Russia's decline can be attributed largely to Western economists steering it in the exact opposite direction in the 1990s. Isabella Weber, professor
10:01
The economic rise of China is usually painted as a simple story: it was poor, it implemented "the free market," and now it's rich. But that picture is a simplistic one – and it's not accurate. China's rise is a reflection of its NOT implementing the ideological dictates of "shock therapy," but in its pursuing a state-led policy of industrialization. Russia's decline can be attributed largely to Western economists steering it in the exact opposite direction in the 1990s. Isabella Weber, professor
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