Without big markets, we cannot have mass production. Took them hundreds, hundreds of years. managed to do that under...backed by U.K. government and the monarchies. Well, the early European powers relied on mercantilist state of government and powerful merchants to create monopolistic global markets. Of course, also through colonialism, imperialism, and slave trade, those were very important elements for those merchants to get rich. And those merchants, they had the government permission to use military force to knock open any poor nation's doors to the trade. That's what Britain did to China and even by sending opium to China in exchange for teas and silk. but Netherlands failed to grasp monopolies of the global textile market, so they failed. was one of the major cotton supply for U.K. So in the case of U.K., generations of British monarchies and merchants including, for example, the British East India Company helped create for England the world's largest, deepest, thickest textile markets, cotton supply chains. South U.S. That's why it was U.K., not Netherlands, even though Netherlands was even more prosperous, even richer than U.K. Without mass production, the goods will not be cheap enough for everybody to afford that we know that we cannot have prosperity. And the U.K. Now the next question is how to create well-regulated big markets. Of course, backed by government, their navy ships. That kick started the first Industrial Revolution. We just have poverty, OK? and the trading networks. And those are the ones to help create the market.
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also experienced boom in industrial trinity. "You are so poor, you mimic us. You steal all the technology from me," but once the U.S. U.S. entered second industrial revolution, then U.S. start becoming the dominating power of the world, passed U.K. has had that. And around 1870 to 1940, U.S. laugh at U.S. Before that, the U.K. Start to engage in mass production of the means of mass production. And lots of inventions start to develop. Example: the so-called railroad mania, right? And slightly later, when there was overlap, U.S. entered second industrial revolution.
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And does the communist government worry more about an economic downturn than other capitalist countries? And secondly, how does the average Chinese feel about the communist government? Man: I was just wondering, you know, China's had several dynasties.
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So in other words, at this point Sen is arguing that maybe the empowerment and enrichment of China's women has been a major factor in bringing down their birth rates. Having said that, in terms of the stats, I was looking at the stats. So for example India is much younger in terms of the population distribution. Now, in terms of a number, India's median age is 27. I noticed that China's labor force is around 800 million. Actually today I noticed New York Times article by Amartya Sen, who's a Nobel economist, who was discussing actually, the fact that maybe the one-child policy's effect on bringing down China's population or birth rate is a little overstated. China's median age is 37. China, one of the things that happened in China is that you have a very largeI forget the exact numbers but zero to 24-year-old population in China is much less as a present age in the population compared to India. Subhayu Bandyopadhyay: It's great that you passed the demographic question to me because this is something that I'm very interested in. India's is around 500 million, so China clearly has a much larger labor force. When you think of India and other very populous economy, just to give you a sense of the numbers, China is around like 1.35 billion. But at the same time I notice that China's age distribution is very different from India's. India is around 1.25 billion, so India's almost catching up, very, very, very large. Women's education increases and opportunity of women actually led to some voluntary declines in Chinese. And I was discussing I don't know exactly what American's median age is but probably America, Europe will be the 40s.
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Actually steam engine technology has been there from a long, long time ago but the economy did not use it because it's not profitable until mass market is created. And so I say to this in my book that the free market is not free. Otherwise you have the steam engine technology. Adam Smith actually already realized this importance of the size of market. And the famous English manufacturerI don't know, if you read history you know himMatthew Boulton, he wrote to his business partner James Watt, who invented a steam engine, and said that, "It is not worth my while to manufacture your engine just for three counties. He said we all know that division of labor, which is important for productivity, is limited by the extent of the market. The ongoing industrial revolution in China has been driven not by technology adoption per se but instead by continuous market creation led by a capable government, mercantilist government. So what? It was created by British monarchies and their merchants. But it will be very well worth my while to make it for the entire world." But where does the world market come from? It is a fundamental public good that is extremely costly to create. You cannot make money.
Why's that? Of course, I have some theory to come up but let's see if I have time to go through. So again you repeat the earlier stage of development. we all know it's the textile industry. And by 1995, China became the world No. And interestingly, later on all the European nations who have successfully emulated U.K. Said, well, of course at that time there was nothing else. The fundamental feature of that first Industrial Revolution is labor-intensive mass production for mass market. We still do not know automobile yet. Even today's China. also started with textiles: France, Germany, Netherlands, even U.S. Of course in the U.K. OK, China in the first 20 years of rapid growth focused heavily on textiles. No, even Japan, when Japan started its industrial revolution the first phase also started with textile. 1 textile producer and exporter.
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That's important. OK, those problems include, are not limited to rampant corruption and organized crime. You can imagine how big that problem is. But fortunately China's government is determined to tackle that and has talked to the President Xiaoping has visit U.S. In the case of China, China contains all those centuries of problems together into one single generation. So I want to mention about the challenges ahead for China. U.S. corruption in the 19th century was very high. has gone through which we may have forgotten. Lots of problems emerged during industrialization. talked to President Obama and the two nations want to join hands to be the leader to tackle that issue. You can buy, pay, I don't know, couple hundred dollars, to become a congressman or to buy a congressman. On the one hand, China has been growing very fast, but the same like for the European countries for the U.S. But however, it's not easy. And unprecedented pollution was very, very severe and China now is determined to tackle that problem because that's not only a problem in China but also is a problem of the world.
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