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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