Ask Prof Wolff: Economic Growth in the USSR & China

A patron of Economic Update asks: "You often mention the USSR as the fastest growing economy of the 20th century. However, I am often confronted with the latest Maddison Project 2020 data which says something quite different. From that data, it seems Japan is the fastest growing economy of the 20th century and I am not sure the USSR is even performing that extraordinarily. Since I am not in the field of Economics, would you be so kind as to indicate a source for Your claim? What is the time period we are looking at to compare the growth and determine the fastest growing economy? Should I be looking at different data sets altogether? Can we even meaningfully compare the economic performance of socialist and capitalist countries by GDP?"

This is Professor Richard Wolff's video response.

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Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself," available now at www.democracyatwork.info/books

“A magnificent source of hope and insight.”
Yanis Varoufakis
Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy

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