How China escaped, and Eastern Europe was felled by, the Volcker shock
branko2f7.substack.com
In an excellent book “How China Escaped Shock Therapy” at whose launch I was one of the discussants (together with Jamie Galbraith and Bin Wong) Isabella Weber discusses, among other things, how China escaped shock therapy and the Big Bang, and created, or stumbled upon, its own way to economic growth.
As someone who was born in Yugoslavia in '84, I was always questioning what went wrong and why. But this text I guess sums it up, especially this part.
Yugoslavia never succeeded to get out of the “debt trap”, and by mid-1980s, hyperinflation and high youth unemployment, together with the unsolvable Kosovo issue, moved the attention of the political elites toward nationalism...
I guess that economy is something that started the life on Earth and it will eventually end it :D
As someone who was born in Yugoslavia in '84, I was always questioning what went wrong and why. But this text I guess sums it up, especially this part.
Yugoslavia never succeeded to get out of the “debt trap”, and by mid-1980s, hyperinflation and high youth unemployment, together with the unsolvable Kosovo issue, moved the attention of the political elites toward nationalism...
I guess that economy is something that started the life on Earth and it will eventually end it :D