hyperinflation in centrally-planned economies: the Chinese exception
Louis R Godena
louisgodena at ids.net
Fri Oct 11 16:25:54 MDT 1996
Barkley has the temerity to say:
> Your numbers on Chinese investment are all wet.
My numbers are fine. It is you who are full of shit.
>I think that you have lumped the centrally owned SOEs with
>the TVEs, or something like that. The centrally owned SOEs
>have produced substantially less than half the PRC GDP
>since the early 1990s, a percentage that continues to fall
>as that sector has been allowed to stagnate relative to the
Re-read my post, dick-head. Most of the non-SOEs ARE Town and Village
Enterprises (TVEs). And the SOEs have not, as a rule, been allowed to
stagnate. They get most of the investment income, yet the increase in
the real output of SOEs was only a FIFTH of the total industrial expansion
between 1989 and 1993, when the compound annual growth in SOE output 7.4
per cent, against 31 per cent in non-SOEs.
I have numerous sources on this, although one for
>starters is Barry Naughton, "Chinese Institutional
>Innovation and Privatization from Below," _American
>Economic Review Papers and Proceedings_, May 1994.
Barkley, you can read. Fine. It won;t do you any good, because you
don't know how to read figures, and you did a piss-poor job of reading my
post, to boot.
> The double-digit inflation rates in the PRC are better
>than what has happened in many transitional economies, but
>its performance is hardly the best there is out there on
>that front. Where it has done much better has been in
>avoiding a decline in output, indeed has had a very rapidly
>growing economy, although disguised unemployment and
>growing income inequalities are emerging.
My post did not address that. I quibble with the term "transition
economy". The Chinese call it a "planned commodity economy" as opposed to
a centrally controlled market economy. This issue of course needs further
exploration. How about some figures on unemployment and income
inequalities from your precious Barry Naughton?
Remember, don't fuck 'em up.
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