China's Unique Capitalism
Economist Ronald Coase discusses China's transformation into a capitalist economy with its own unique characteristics. Despite the government's control and failures, Coase highlights the importance of the "marginal revolutions" happening in the country, driven by village enterprises and entrepreneurial individuals. China's vastness makes it difficult for the government to have complete control, allowing for unexpected developments to occur.In this clip
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Ronald Coase on Externalities, the Firm, and the State of Economics
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