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Global and Domestic Imbalances: Why Rural China is the Key

Global and Domestic Imbalances: Why Rural China is the Key

This video was recorded at MIT World Series: Back to the Classroom 2009. Contrary to popular thinking, China owes its astonishing economic expansion not to far-sighted government policy but to hundreds of millions of entrepreneurial peasants. Yasheng Huang's research reveals not only how small-scale rural businesses created China's miracle but how that nation's recovery from the global recession and righting the massive East-West trade imbalance depend on this same under-acknowledged sector. Huang begins with questions, including why China produces so much relative to its own consumption. He shows graphs dramatically illustrating the rise of China's GDP with a concurrent drop in domestic consumption. A nation that doesn't consume what it produces must export. Huang has pounded away at the... Show More

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