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The Disconnect in Chinese Education
Victor Shih discusses the educational structure in China, highlighting how students are tracked into STEM or social sciences, often neglecting essential economic principles like supply and demand. He emphasizes that while government ideology classes are mandatory, economics is not prioritized, leading to a gap in understanding basic economic concepts among high-ranking officials.
"If you study economics in at least an American university, you'll learn about like supply demand, here's why certain regulations can be bad. Here's why tariffs are bad. Just the basic 101 teaches you ..."
The Disconnect in Chinese Economic Education
Victor Shih discusses the fundamental gaps in economic education within China, highlighting how students are often tracked into STEM fields without learning basic economic principles like supply and demand. Instead, they are required to take classes focused on government ideology, which do not equip them with essential economic skills. This educational structure contributes to the economic missteps observed at high levels of the Communist Party.
"If you study economics in at least an American university, you'll learn about like supply demand, here's why certain regulations can be bad. Here's why tariffs are bad. Just the basic 101 teaches you ..."
The Power of Xi Jinping's Influence
Shih explains the contemporary political landscape in China, where the influence of Xi Jinping has centralized power significantly. He notes that public bureau members, who once had autonomy, now must strictly adhere to Xi's policy preferences, fearing purging if they deviate. This shift in governance contributes to the persistence of economic missteps despite an understanding of basic economics.
"traditional reason the new reason is that uh we have one very very powerful figure in the Chinese Communist Party such that even if you're a public bureau member which used to give you some autonomy i..."
The Power of Xi Jinping's Influence
Shih explains the contemporary dynamics within the Chinese Communist Party, emphasizing the overwhelming influence of Xi Jinping. He notes that public bureau members, who once had some autonomy, are now compelled to align with Xi's policy preferences. This shift in power dynamics leads to a lack of independent economic decision-making, as deviation from Xi's agenda can result in severe consequences, including purging.
"traditional reason the new reason is that uh we have one very very powerful figure in the Chinese Communist Party such that even if you're a public bureau member which used to give you some autonomy i..."