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The economic rise of China is usually painted as a simple story: it was poor, it implemented "the free market," and now it's rich. But that picture is a simplistic one – and it's not accurate. China's rise is a reflection of its NOT implementing the ideological dictates of "shock therapy," but in its pursuing a state-led policy of industrialization. Russia's decline can be attributed largely to Western economists steering it in the exact opposite direction in the 1990s. Isabella Weber, professor of economics at the University of Massachusetts, Amherst, explains.
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0:00 The Chinese Miracle
1:32 The Russian Collapse
5:32 The Chinese Path
8:25 China's Success
9:40 Credits
