Private property rights during the Qing dynasty was even better than it was in Europe, OK. At the time, the life expectancy was around 38 years in most places, but there were some areas where it was significantly lower. Welcome. So the U.K. experience of that industrial trinity boom. Most of that period was under extractive institutions, OK. Also we have many other examples. OK, it's not there yet but they're moving toward that direction. Whenever you travel to China just ask the taxi drivers. Topics: Industrial Revolution, Revolution Words: 330 Pages: 2 Dec 31st, 2020. And so I say to this in my book that the free market is not free. Some people began to question the countrys natural resources use. "[43] Mao Zedong based this program on the Theory of Productive Forces. OK. And U.S. government has been very powerful in history, even today. OK, so you move to any industrial nation you see civilization. I will try to provide some answer, OK, hopefully. I'll just kind of go on that for another day I guess but it's a great job. Yi Wen: Well, I think two to five years, that's the pace China's setting up. You go through that in stages. Then since around the end of 1990s, China entered the phase of industrial trinity boom so you to see mass build of highways and railroads and also the housing bubble start to follow, housing boom, because once you are satisfied with food, once you are satisfied with clothing, you want shelter. OK, China in the first 20 years of rapid growth focused heavily on textiles. Mao Zedong anticipated agriculture and industry (shorthand 'grain and steel') as the foundations of any economic progress or national strengthening. So why did the revolutionary process not start there? They're collectively owned by farmers. To see a modern-day Industrial Revolution, just take a look at China. The Title Could Be Successful Businesses In China. Free shipping for many products! OK, and the first one sees China's rise as a gigantic government-engineered bubble and at the cost of its own people and the environment. I'm Bill Emmons, an economist at the St. Louis Fed. We often call it the Industrial Revolution because one of its most dramatic features was the appearance of industrial manufacture with the rise of the factory system. The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions that occurred in the late eighteenth and early nineteenth century in some Western countries.It began in Britain and spread throughout the world, a process that continues as industrialization.The onset of the Industrial Revolution marked a major turning point in human social history, comparable . It was in this era that Chinese leaders began to lay some of the foundations for energy-intensive industrial development. Doing business mutually beneficial, that's the only standard." OK, this city urban migrate did not happen yet. I hope that that perspective cannot only shed light on the mechanism behind China's rapid growth but also on the failures and the successes of many nations at their attempt at industrialization and so perhaps including the Industrial Revolution itself. Dickinson College Honors Theses. And also, you know, the U.S. has come through second Industrial Revolution in the late 19th century and finished it in the early 20th century. As Eric Jones has pointed out in Growth Recurring: Economic Change in World History, China had an "industrial revolution" comparable to that of eighteenth-century Europesome 800 to 900 years ago. With that we're going to start tonight with a few polling questions. Agriculture, trades, and manufacture all grew dramatically. The numbers you hear are relatively high, 2.8, 2.9. OK, so that's the end of my talk. And rising divorce rate and suicide rate. Man: Thanks a lot. For example, if nations have inclusive institutions such as democracy then that would imply restrictions on the elite class. Without big markets, we cannot have mass production. Now it is an economic hub. First of all, you do have microphones. The question is why. And to start industrial revolution by building advanced capital-intensive industries, by setting up modern financial systems, by erecting more than political institutions because that's what U.S. has today, therefore they think if we want to grow to the level U.S. we should do that also. [citation needed][editorializing], By contrast, there is a historical school which Jack Goldstone has dubbed the "English school" which argues that China was not essentially different from Europe, and that many of the assertions that it was are based on bad historical evidence. Lardy, N. (1987). But at the same time I notice that China's age distribution is very different from India's. But that's the essence. China's build of highways very fast and today also China builds speed trains. U.S. is most highly regulated nation in the world. OK, so if that is the bubble, every nation want to have that bubble and every nation should have that bubble. So, therefore, now come back to the questions I posed earlier. But a lot of local government officials, they were engaging lots of wrongdoings and that requires establishment of institution to track them down. Raw cotton prices probably doubled in the Yangtze delta between 1750 and 1800. Let's have something everybody agreed upon. And actually, according to standard the developing country China still does not have enough credit or debt. I call that first Industrial Revolution. And he has many credentials in addition to that. 90% of China's desertification occurs in the west of the country. Textiles, petrochemicals, and electric power were classified as high-energy-consumption/ high-output value/high pollution industries. If you do that it is not sustainable. Even today's China. But I see a lot of reason for optimism. As a result of the reforms, the number of high-tech and innovative companies has increased, as have the number of low-tech and traditional businesses. Less than 40 years ago, Shanghai was a very rural, farming city. I know we're really, really late on time, so if you do have a question that wasn't answered feel free to pop on down before you leave tonight. Led to the development of factories and factory jobs for women and children\. Since then, China has experienced rapid economic growth, becoming the worlds second largest economy. Hong Kong industrialised rapidly from 1963 to 1970. China Dialogue aims to help guide our readers to content that they are interested in, so they can continue to read more of what they enjoy. But on the other hand given China's stage of development, maybe the debt is way too high, OK, could be. Opening sectors of the industrial economy to foreign investment and privatization, the introduction of the stock market in Shanghai, increasing export markets, outsourcing of manufacturing into China, and the entry of China into the World Trade Organization. Read Google's privacy policy and terms of service. It's the first Asian nation to successfully emulate it, to emulate the British Industrial Revolution for about 100 years. . Invite Boeing or Ford company come to Beijing to set up factories. So in other words, at this point Sen is arguing that maybe the empowerment and enrichment of China's women has been a major factor in bringing down their birth rates. Of course you have several or few merchants get very rich. I look at the deeper economic forces. And village industries' gross output increased by thirteen- or fourteenfold. And five, the fear I have of China is the elitist government, if that model prevails in the world, that's frightening to free democracy. India's is around 500 million, so China clearly has a much larger labor force. Otherwise it's not possible. So of course, the longer answer can be found in my book but the shorter answer is that China, for some reason, has rediscovered the secret recipe of the original Industrial Revolution which took place in Britain more than 200 years ago. That's really the way it happened." OK, and a bunch of others I will not go through. And so basically, ordinary Chinese people on one hand dislike many local governments. An industrial revolution is a great way to describe what China is going through right now. But where does the world market come from? During the communism there were some; they were all killed. 8 By as early as 1990, there were already tens of millions of spindles in east and south China, with well-formed industrial production chains and clusters of textile manufacturing. Yi Wen: Well, it's not entirely zero-sum game although there's a zero-sum aspect to that. Right up here in front. We still do not know automobile yet. But that's the roof of the building, not the foundation. But not true during the late Qing dynasty and during the Republic of China. Well, before I provide that answer, I want you to wait. If you adopt the wrong technology you are going to fail. On the positive side, industrialization has led to increased economic growth and development. Here at the Federal Reserve Bank of St. Louis I'm a senior vice president. How did it accomplish this in such a short time? You're going to carry the bag across the mountain to knock on the doors? No matter how late a nation starts its development it must repeat earlier stage to succeed. And industrialization is impossible without a strong state. Justin Yifu Lin; Justin Yifu Lin. So what's essential, so essential about stock market? How did the Industrial Revolution affect Hong Kong? So less efficient, I think, but on the other hand much more stable probably, immune to a kind of a financial panic. Then that also triggered the second Industrial Revolution, which features the mass production of the means of mass production. And China entered, remember, WTO around the end of that period. First of all China's rise help to provide very cheap consumer goods to the entire world and to the U.S. OK, so that means the U.S., even the poorest cohort of the population can afford a lot of basic consumer goods and also their children can afford those goods. By 1928, long after U.K. has finished first Industrial Revolution and also finished second Industrial Revolution, U.K. adopted universal suffrage. Learn for free about math, art, computer programming, economics, physics, chemistry, biology, medicine, finance, history, and more. Yet another part is the development of increasingly complex economic institutions and instruments. OK, but Japan was lucky to have that period right during the Western industrialization period so they can right connect to industrialization. This year China already become net capital export instead of just capital importers. This policy allowed for foreign investment and technology to enter the country, and led to the development of many industries in China. So far there have been at least twothere are many views but I'm going to point out twoconflicting or polar views about China's rise. We're not very well known to many of you, so we really are delighted when we are able to offer a program and you choose to join us, learn a little bit about the topics that are facing the financial system and that our economists are studying, but also have a chance to get to know us. Within the next five years. We try to be very good about that and hopefully we'll be right on time at 8, which means we may end up cutting off some questions. This has led to the emergence of factories and industrial estates. Julie Stackhouse: Yes, way over on the left hand side. But without that foundation, democracy cannot function. Actually, it did start in China before it did in Europe. On the surface look very different. And impose discipline on management and technology adoption. In 1078, China produced 125,000 tons of cast iron, more than the rest of the planet put together. By 1987 the program had achieved remarkable results in increasing supplies of food and other consumer goods and had created a new climate of dynamism and opportunity in the economy. Where are they going to make sales? The Chinese economic reform or Chinese economic miracle, also known domestically as reform and opening-up (Chinese: ; pinyin: Gig kifng) or the opening of China in the West, refers to a variety of economic reforms termed "socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC) that began in the late 20th century. This process began in Britain in the 18th century and spread throughout the world. We have to do something else in order to industrialize China. Industrial revolution refers to an era of large scale industrialization and rural societies became industrial and urban. So now how come China can't achieve that? You cannot make money. Cast iron is rather brittle and unsuitable for striking implements. The large Chinese banks some years ago had the bad assets cleaned off, put into bad banks, and run off over time. Even though Japan's government 200 percent compared to this, twice as high as the U.S. Also then, Europe faces slightly I will say more, less risk when it's held by domestic. Altogether, China's growing infrastructure has created 3.28 billion tons of industrial waste from 2013 to 2016. You have to repeat it. That's the essence. China was so backwards, so poor. They can be very destructive. Well, China has only had slightly more than three decades of economic growth, but China actually went through the first three phases very rapidly. And with that you have second. Basically the government protects every firm no matter how inefficient you are. OK, parliamentary system while, yes, European style, but democracy and inclusive institutions, even Communist Party was allowed to play a role in the government. So today developing nations may no longer have the privilege and the time, several centuries of gradual market fermentation, to nurture a big, powerful cast of merchants and rely on them to create the markets. Since then, China has experienced rapid economic growth, becoming the world's second largest economy. These zones were to create productive exchanges between foreign firms with advanced technology and major Chinese economic networks. And as Yi pointed out there's much less international connection. China Overview. Why is that unique? The current Abe administration has rejuvenated an ocean-going navy and increased Japans regional military presence. How can you have another nation be twice or three times bigger than the U.S.? We haven't, only Pope Francis seems to like the UN compared to the United States. During Communism yes, there was no free market. And of course he is a native of China, and he has really an interesting background. With time, checks, promissory notes, and bills of exchange were all used. 10. Managers are also in charge of overseeing the division of labor in managerial hierarchies. And he once wrote, he said that, "I can easily write a thick book in a week to criticize China." So that's essentially my view. China's industries are not the only determinate of air pollution; China's growing population has increased heavy traffic and power generation. Regardless of ideology, regardless of religion, regardless of culture, and regardless national boundaries, that's how capitalism, regardless all those evil elements in the past, has created modern civilization human race has ever seen. Since then, it has largely declined and stagnated in the 2010s, hovering between 5-10%. The unsung industrial revolution underway in places like Ghana, Uganda, Senegal, and Cte d'Ivoire is powered by a worldwide revolution in modular plant design, multi-purpose machinery, efficient small-batch production, global SME-SME engagement, new forex transfer practices, and the growing strategic transformation of China's late-phase . By estimate we put all the resources together the gap is still about 1.6 trillion. And the average world income level shoot up very fast and now it's twelvefold higher than before, OK. And since that, there's no way that it will turn back. Of course in the U.K. we all know it's the textile industry. A primary factor however was Cold War cultural, and economic competition with the West. So only after nations finish their industrial revolution then the foundation's there for those ideas to be implementable. It's just a matter of time. Sino-Japanese War (first Sino-Japanese War) in 1894-1895) between Qing China and Japan, which Japan won unconditionally, is regarded as a significant event in Sino-Japanese history. And on the other side, on the other polar, there's the other view which essentially sees China's rise simply as a natural or destined return to its historical position. Bhumitra Dubey. After finding many explanations on views on China's lack of economic foundation and that the current textbook economic theories often didn't explain what was going on in his country, he decided it was time to focus his research into China's economy. So in 1911 there was a Xinhai Revolution which overthrew the monarchy fully adopted by mimicking the U.S. institution. [8][9][10] At this temperature, iron combines with 4.3% carbon and melts. Let me comment on the financial system in the shadow banking. Welcome. Adam Smith actually already realized this importance of the size of market. So I want to mention about the challenges ahead for China. And one of the important institutional theorists actually lives in St. Louis. It was a monarchy at the time and I think it was a very good time for England. Let's take a look at the number up at the top. So what has China done differently this time, the fourth attempt at industrialization? On the other hand what we do not pay attention to is that the freedom is insured by a huge amount or high degree of government regulation. Jefferson, Gary H.*Rawski, Thomas G.. 1995. So that's very important. When we get to one of our polling questions we are not going to have just numbers one through nine. So do not lecture developing country, where are they? And I think what from your presentation seemed the rural development was very important. One aspect of this was the deregulation of markets as part of the policy of encouraging commerce. All right, this is the hard question that has the No. Did not finish. The focus is in the rural area starting with rural factories, even though they are tiny, two, three, four, 10, 20 people. I think compared to the United States I would characterize the Chinese system overall maybe as somewhat less efficient in allocating capital. But the essence of that element is the same. Yi Wen: Well, actually you know whenever I travel to China I talk to people. Existing industries continued to prosper while new industries emerged and thrived as well. We have this loyal following and lots in between, so that's great. So this time we're going to take the existing political institutions as given. The industrial revolution has transformed China from a largely agricultural society to a major manufacturing powerhouse. And Singapore is roughly the same or even higher. There is a 10. Also I teach courses in China, talk to students. And again welcome. That's it. So you look at China state of economic structure. And since then the entire world diverged. And also promote rural industries despite their primitive technologies. The Industrial Revolution was a period of great change for both China and Great Britain. OK, and China supplies almost nearly half of global industrial goods including crude steel, which is about 800 percent of U.S. level and 50 percent of global capacity; and cement, which is about 60 percent of world production capacity; and vehicles, which is about a quarter of global supply; and also China has industrial patent applications which is about 150 percent of U.S. level. They need to start with more than industries. Research Foundation of SUNY: 40149. When it came to the Industrial Revolution, Britain embraced new technology, its abundant coal and iron resources, and its favorable geographical location on the continent, as well as its willingness to adopt new technologies. Look at 19th century U.S. when U.S. was catch up with U.K. Not only U.S. steal technology from the U.K., also produced a lot of fake goods. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. As the World Health Organization states hazardous air is more deadly than AIDS, malaria, breast cancer, or tuberculosis, than Chinese air quality is especially problematic because of the scale at which it occurs. But nowadays I travel back to China as if I'm going from Third World country to First World country. OK, sell those goods to the West in exchange for machineries. But China did not because they were still, even though they were highly inefficient, they were still the backbones of the economy. I have told you long time ago since Adam Smith. Since the reform and opening up policy was implemented, China has seen rapid economic growth, with its GDP increasing by an average of 10% per year. A more relevant comparison would be between China's Yangtze Delta region, China's most advanced region, the location of Hangzhou, Nanjing and contemporary Shanghai, and England. So that's the year of 1978, after the death of Mao, and Deng Xiaoping took power. So I create a new stage theory in my book. So they're still learning, OK, how to do financial capitalism. In response to these problems, there was a significant increase in investment, including the signing of contracts with foreign firms for the construction of major facilities for chemical fertilizer production, steel finishing, and oil extraction and refining. So let's go to question No. Now I can give you the summary. The Gobi Desert to the north currently expands by about 950 square miles (2,500km2) per year. OK, now since China also has found it, but what is it? Different industries that emit these pollutants in the region were classified into different levels for their environmental impact. In a $64,000 question, there is only one answer. Took them hundreds, hundreds of years. I'm not going to judge whether that's morally right or wrong. 2002. You can imagine how big that problem is. Why is that happening? Its balance of payments improved. Yi Wen is an economist and assistant vice president in the Research division here at the Federal Reserve Bank of St. Louis. Nothing really came from China anymore. China has lots of savings and monies. I don't know if this is best for Yi or Bill, but can you maybe talk a little bit about the timing of the relaxation of capital controls that's expected, especially like when will citizens be able to invest in stuff other than A shares? This five-year plan would signify the People's Republic of China first large scale campaign to industrialize. In France, finished goods such as woven silk, china, and leather were a major source of manufacturing. And if so, when? There's a force in action and those problems became like growing pains, OK, growing pains. The contrast was stark especially for the first few generations of factory workers who knew of life in the country as compared to life in the industrial cities. OK, they took a very gradual approach and they move up the industrial ladder from light to heavy industries, gradually from labor- to capital-intensive production, gradually from manufacturing to financial capitalism. Start to set up a stock market and a lot of financial securities floating around and sell the equities, all the state-owned factories. In view of the rapid population growth, however, this amounted to a rapid growth of the industrial sector in absolute terms, of up to 11 percent per year during the period. Replacement population would be two parents producing two children. We have [the] World Bank. A succession of illustrious thinkers - Marx, Engels, Carlyle, Dickens, Toynbee, and EP Thompson, to name a few - have pondered its causes, nature and consequences. Western historians debate whether bloomery-based ironworking ever spread to China from the Middle East. Because we have to know Industrial Revolution is the single most important thing happening in human history. And so China became in that period as a sign of the flagship industry, which is textile, China become No. But fortunately, China has already finished that stage. So that's big issue. So from around 1870 to 1890, Japan opened up its economy to the Western trade and started full-fledged proto-industrialization. the technological changes included the following: (1) the use of new basic materials, chiefly iron and steel, (2) the use of new energy sources, including both fuels and motive power, such as coal, the steam engine, electricity, petroleum, and the internal-combustion engine, (3) the invention of new machines, such as the spinning jenny and the First of all, the first attempt China did it in a very humble, gradualist, experimental approach, because China or the Chinese leader thought we could no longer afford not to succeed this time. Julie Stackhouse: So great strategy in China. The first few years of the reform program were designated the "period of readjustment," during which key imbalances in the economy were to be corrected and a foundation was to be laid for a well-planned modernization drive. Then they kick-start a second industrial revolution between 1920 and '41. They took a dual-track approach, gradually privatizing and the market forced to grow to overtake them. And help us through that concept. So, from the poor rural areas, but however, with the goal of long-distance trade. The effect of the Industrial Revolution has been to accelerate existing previous social and economic trends. And there is key sectors which belong to heavy industry. We're right on time. Because Germany was a country divided up into so many small states, new methods of production were not widely used until much later. Prior to the arrival of the Southern Song, no other premodern state was close to laying the groundwork for an industrial revolution. For example Germany from 1850 to World War II, most of that period was under extractive institutions. So ever since the 15th century, the spirit of capitalism, according to my description "has been shake hands and do business." I talk to my parents. I want to claim that actually, China's fourth attempt turns out mimic almost exactly what has happened in history for all those successful industrializations in terms of going through several key states, not in every aspect. OK, why China's able to finish those phases so rapidly instead of take 100 or 200 years? So look at Japan. But takes time for that institution to form. Nowadays, Chinas rich history of invention, such as printing, gunpowder, and the compass, is often brought up by people. China has no comparable history to the Industrial Revolution or the Galileo or Descartes eras, which defined what people did wrong before them. And I was discussing I don't know exactly what American's median age is but probably America, Europe will be the 40s. In recent years, Japan has sought to project its presence both domestically and internationally. [53] Severe pollution, dehydration of waterways, widespread deforestation, and some of the highest levels of air pollution in the world are just a few of China's cost of its rapid industrialization and modernization. You can buy, pay, I don't know, couple hundred dollars, to become a congressman or to buy a congressman. The study concluded that the top contributors to water pollutants were the food processing industry, 23.55% COD and 26.05% NH3-N, the papermaking industry, 28.47% COD and 18.72% NH3-N, and the petrochemical industry, 15.34% COD and 25.52% NH3-N.[61], Since 2010, China's Prevention and Control of Water Pollution and the Eleventh Five-Year Plan of the Haui River Basin have set water quality requirements to level III meaning the water quality is clean enough for human consumption and recreation. Next day it was like 26 or something. The shift has largely been attributed to Chinas increased output of high-value-added products such as electronics and pharmaceuticals. In R. MacFarquhar & J. Fairbank (Eds.). Did you have something to add? Want to transform from a socialist economy to a capitalist economy and want to continue economic growth. When China's rapid industrializing you need machineries to produce this labor intensive goods so you can import machines from U.S. And now China has environment problem and the green technology that can also come from U.S. OK, so big market. Maybe a hundred years from now they're going to say, "How come the U.S. was so uncivilized in the 2015s? They did not allow gay marriage." Yet despite the lack of private property, which we think essential for economic growth, China economy grew very fast, OK. China is today a highly regulated and taxed country. They tried many times but they failed, OK. OK, so the industrialization did not start from the commercial cities even though in 16th century Europe, 17th century Europe, they all have quite a lot of commercial cities like London. It was the time when there was no, electricity, radio, television, computer, internet, vehicles, etc and people work with their hands so by this they waste a lot of time in their works. New measures were first introduced experimentally in a few localities and then were popularized and disseminated nationally if they proved successful. And so that means the government has been and is managing the economy reasonably well. We live in a world that has been shaped by a process that began some 250 years ago in northwestern Europe. A mass grave in Hebei province, dated to the early 3rd century BC, contains several soldiers buried with their weapons and other equipment. {selectFilter('topic')}" :class="activeFilter === 'topic' ? Look at what happened in Libya and in Afghanistan. It's about 78 years old. OK, so only nations that finish industrialization that they are no longer subject to, highly to natural disasters like developing poor countries do, OK. Then after finishing second industrial revolution, nations move into a new phase, sometimes what we call postindustrial revolution or what we call welfare state, which essentially features service economy and a social safety net, democracy, human rights, end of death penalty, bunch of other issues start to emerge even though human beings have had the idea of democracy, human rights, maybe once in B.C. Rural industries are very primitive in China. OK, but industrialization did not start from there. What's the U.S. level? [50] Part of this larger trend can be attributed to China's movement away from heavy industry, and into light industry such as the production of consumer goods for the world market. When I came to the U.S. to study in the '80s, it's like this was heaven. China's total government debt corresponded to U.S. state government federal debt actually is not very high, 40 percent of GDP. When you include the provinces, total province debt where the tremendous expansion has been outside the cities going west. Having invented a way of harnessing high-pressure steam to drive an engine, mining engineer Richard Trevithick drives his road locomotive "Puffing Devil" through Camborne, Cornwall. Is this your first time inside the Federal Reserve Bank of St. Louis? You'll see that published in the not-too-distant future, we hope. Was like the U.K. in the 19th century. [57] On a local level, China has implemented a pollution warning system that notifies citizens of the day to day air quality and potential health effects. Man: Professor, thank you for your enlightening thoughts. China Dialogue uses several functional cookies to collect anonymous information such as the number of site visitors and the most popular pages. And they want to grab all the nations. I also have two colleagues. So of course the Chinese people, they want to see government to have more reforms so that a government gradually become more like a servant, like a social planner. But later on I'm going to talk about second and maybe third and fourth. The economy of the Song dynasty was one of the most prosperous and advanced economies in the medieval world. OK, of course as time changes the content or the form of the trinity may change from coal to oil, for example, from telegraph to telephone, for example. And also pervasive asset bubbles. [28] For the printing of paper money alone, the Song court established several government-run factories in the cities of Huizhou, Chengdu, Hangzhou, and Anqi. The United Kingdom dictated the course of progress throughout Europe for the next century or so. India has the largest share of the world GDP. Capitalism is not the way to go because capitalism generated all the poverty in China, inequality. And starting around the 14 percent of GDP to about half of GDP also comes from rural industries. It happened in England under a monarchy, at least started under a monarchy. We just have poverty, OK? Man: I was just wondering, you know, China's had several dynasties. Well, I don't know if we can go through all those questions but maybe we can just tackle a little bit the Chinese government's style. Maybe you say, "Oh, government has policy not allow them to move." Subhayu Bandyopadhyay: It's great that you passed the demographic question to me because this is something that I'm very interested in. They all more or less went through a period, as I mentioned earlier, of a strong government. On the negative side, industrialization has also led to environmental pollution and degradation, as well as increased social inequality. Say it's marketism, it's they're trying to fill marketism. Yi Wen: Yeah, I think the way China's government manages their economy is indeed on one hand kind of unfitting to today's world style. So what? [1] The figure remained high, but was declining steadily, throughout the early phase of industrialization between the 1960s and 1990s. And so there are a lot of conflicting views floating around, talking about China's rise. Industrialization of China did occur on a significant scale only from the 1950s. If you look at U.K. and the U.S. or many other industrial nations, population growth was the fattest during the first Industrial Revolution, when people's income started to rise and, you know, they can afford having more children and also medical technology started to improve. If you did have a question you didn't get answered and want to visit with one of these individuals feel free to do so. OK. But in neither view, neither of these views had strong economic analysis to back up their argument. However, overgrazing and the expansion of agricultural land could cause this area to increase. The industrialization of China refers to the process of China undergoing various stages of industrialization. And ultimately the capital control will be lifted. On the other hand if culture and ancient civilization is the explanation, how come we do not yet see countries like Egypt, Ottoman Empire, and even Greece bursting into the world stage, at least not yet? Again, before I start there's a standard disclaimer and I hope you take that into heart. But for today's children to learn mathematics you still have to repeat those earlier stages, exactly like the entire human race has traveled except at a rapid, more faster pace. Europe and China Compared. Ideological motivations for this transformation are widely varied. In its heyday, China was widely regarded as one of the most innovative countries in the world, as it was ruled by the Song dynasty, which ended in 1279. China is investing everywhere, doing business everywhere without asking about their political system, without asking about their religion, without asking about their culture. Some brands, however, have moved manufacturing out of China since the early 2000s, especially for products with high labor costs, such as footwear. So I'm trying to get at this endogenous development of rural productivity manufacturing where maybe that would be something that could be useful for poorer nations in Africa and all to emulate. Because these industrial zones allow utilities to charge less, these zones also allow utilities to charge less. By this time, Chinese metallurgists had discovered how to puddle molten pig iron, stirring it in the open air until it lost its carbon and became wrought iron. Those things may be done but they're not the focus. From 1850 to 1850, there was a significant divergence between East and West in technological and economic development. In his work, Justin Yifu Lin investigates the history of Chinese economic development and states several hypotheses explaining why, despite the numerous inventions and potential, the Chinese industrial revolution never happened. [2][3], As political stability was gradually restored following the Cultural Revolution of the late 1960s, a renewed drive for coordinated, balanced development was set in motion under the leadership of Premier Zhou Enlai. And they continued to increase later on, doubling every three years. Despite the renewed assertiveness, Japans determination to re-engage in the world and the Abe governments pledge to militarism, it is clear that Japan is concerned about the rise of China. So therefore this institutional theory, although it sounds very, very appealing but it has lot of problems to square the facts. OK, based on that we can throw some theory. But in order for RMB to replace U.S. dollar as the major or No. So what we're going to do is take like a 30-second stand up and stretch break and if you're saying, "It's 8:00, I really want to leave," please do. The Moroccan geographer al-Idrisi wrote in 1154 of the prowess of Chinese merchant ships in the Indian Ocean and of their annual voyages that brought iron, swords, silk, velvet, porcelain, and various textiles to places such as Aden (Yemen), the Indus River, and the Euphrates in modern-day Iraq. I hope that doesn't happen. They want to do it themselves; they want to leap forward. That's important. And the government, look at our police force is semi-militarized. All of the major banks are state owned so they are not really subject to collapse in the same way that our financial institutions were. And by 1995, China became the world No. All the above-mentioned features of the process that produced modernity can be found in Song China, which was clearly being transformed in the way that our world has been and continues to be. The first improvements in working conditions occurred in the United Kingdom in 1842, when a law restricted child labour and womens work. [2][3] By 1977, the fraction of the workforce employed in agriculture had fallen to about 77 percent, and by 2012, to 33 percent. Europe creates a competitive world for intellectual innovation, whereas China falls prey to modernity. OK, they want to leap forward. As a liquid, iron can be cast into molds, a method far less laborious than individually forging each piece of iron from a bloom. The transcript includes time markers for your reference. Great Britain during 18th century already benefited greatly from Agricultural revolution. These chips are the backbone of the Fourth Industrial Revolution as they power many everything from computers to missiles, which is why it is hardly surprising that the US and China are at odds about it. Chan, Alan Kam-leung and Gregory K. Clancey, Hui-Chieh Loy (2002). But China has been able to grow so rapidly for three decades without, essentially without a stock market. Next maybe India. But on the other hand, the side effect that has caused population to age too early. It was the U.K. and actually if historians' constant debate about this could have been India; could have been China. So if you want No. So all that period, that U.K. was the only dominating industrial power in the world. Actually one of my colleagues here is aI don't want to reveal his name because I don't think that conflict with his interest working at the bank but he was buy China stocks and making lots of money and he's very good at investing at that. So the solution to end global poverty in all the remaining 90 percent of population is simple: democracy. Vietnam accounted for nearly half of Nike%27s global manufacturing in 2017, according to the company%27s 2017 annual report. You're a young couple, then you are supporting your, one of the spouses is supporting their parents; the other is supporting the other parents. OK. Now later you also have Asian Tigers starting much later, after World War II and but also took them less time to catch up. And then, you know, there were empires from the time of Buddha, 600 B.C. And by that time, village firm workers reached even higher, about one-third of China's entire rural labor force. I pose several wise theories I read. It has a potential that goes beyond the imagination, which not only promotes the upgrading of the manufacturing industry but also determines whether China can lead the next round of the technological and industrial revolution worldwide," said Wang Qingxian, Party secretary of Qingdao. People say the monarchy institution was not good for China. Women's education increases and opportunity of women actually led to some voluntary declines in Chinese. Without mass production, the goods will not be cheap enough for everybody to afford that we know that we cannot have prosperity. And whenever China wakes up China will become strong, like what Napoleon once said. So you can see this underlying trend was just like 19th century U.S. and early 20th century U.S. China was moving very rapidly and so by looking at the stock market and the change rate is the fundamental mistake. OK, where he got the data I don't know. And the U.S. criticizes that, say "You don't have any standard." Maybe China. The last question is the truly difficult one. It happened under perhaps the most maligned yet fascinating of China's imperial dynasties, the Song. Between 1750 and 2020, the UK emitted 78 billion . If we have a vote I think the people have done this, international organizations done this survey. The low cost of doing business in China, as well as the availability of skilled labor, have made it an appealing location for businesses to relocate. In fact, for the greater part of human history China was by far the most innovative and technologically advanced of the great civilizations. One was the encouragement of import and export trade. OK, for example China now is the largest nation in terms of importing robots and not just producing robots. Intellectuals like Steven Pinker and Deirdre McCloskey see the revolution in a very linear fashion. OK, then the Qing dynasty monarchy finally decided to reform. But once they introduce market forces, if you don't do well, you fail. Furthermore, the English government was founded on a solid foundation of democracy, which helped to foster innovation. World Bank estimates that pollution kills 350,000 to 500,000 people in China every year. We can provide many, many counter-factual country examples to defy that theory or to show that that's inconsistent. You go to China, police may have no gun. And to distribute throughout the entire world you need better transportation, and that provides the stimulus. Industrialization of China did occur on a significant scale only from the 1950s. On Economy: Artisan production has given way to factory-based mechanized production. Along with those increases, the emissions of industrial wastewater, gas and solid waste have undergone massive growth. And China now is carry money, huge sum of money investing everywhere: in Africa, in North America, in Middle East. And therefore it's only a matter of time for China to reclaim its historical glory. As a Public-Private platform, together we will explore and co-design, pilot and scale the adoption of practical tools . Linkedin - LinkedIn is a business- and employment-oriented social networking service that operates via websites and mobile apps. And they started industrial revolution, industrialization, in the cities. Nothing really came from China anymore. It's not that they didn't try. OK, because as I mentioned earlier, rampant corruption. Julie Stackhouse: Good evening, everyone. You should go step by step. But let's move on to our first question. Now the reason that's a wrinkle is that when you look at this little gadget you say yes, but I don't see a 10. It stretched across the 1700s to 1800s.
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