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Beginning in the late 1970s, China's economy delivered the largest growth spurt in recorded history. Striking discontinuity between recent outcomes and the economic experience of the prior 200 years invites portrayal of recent events as a "China miracle" that requires neither economic nor historical analysis. This overlooks deep institutional constraints arising from authoritarian rule and its supporting elite networks and fails to recognize the link between central government weakness and the origins of the recent boom. In both the pre-1949 treaty ports and in the aftermath of the Cultural Revolution, the retreat of central control enabled episodes of economic openness and dynamism built upon 'bottom up' initiative and decentralized innovation. Historic legacies that shape political structures and individual behavior will continue to influence China's economic trajectory.

"What these examples have in common is that they illustrate two of the key tasks of the social sciences: to measure important social variables over time and space, and to identify the social mechanisms that lead to variation in these variables. There are large problems of methodology and conceptual clarification that need to be addressed in both parts of this agenda. On the side of measurement, we have the problems of arriving at consistent and revealing definitions of economic wellbeing, using incomplete historical sources to reconstruct estimates of prices and wages, and using a range of statistical methods to validate and interpret the results. And on the explanatory side, we are faced with the difficult task of reconstructing social processes and forces in the past that may have powered the changes we are able to document, and with the task of validating the hypotheses we have put forward on the basis of historical evidence."

"For a close reader of Moyn's work on human rights the differences between his two works are head-spinning.  Where Last Utopia attacked the very idea of historic continuity in explaining the human rights movement that emerged in the 1970s, Not Enough builds an entire narrative on continuities. The result is an aspirational history for a reformed human rights movement, a history of roads not taken - with respect to equality, in particular, which Moyn elevates to the 'original' position - that can still be reclaimed.  Not Enough lacks the skepticism that Moyn employed so effectively in The Last Utopia to explain how disconnected contemporary human rights was from its claimed antecedents and undermines arguments in both books. In addition, by not heeding his own lessons from Last Utopia, Moyn understates the emergent human rights movement's inability to contest what became neoliberalism. As someone who confronted those issues at the time, it is harder to dismiss the claims of complicity."

" Fearless commentary on finance, economics, politics and power Follow yvessmith on Twitter Feedburner RSS Feed RSS Feed for Comments Subscribe via Email SUBSCRIBE Recent Items Links 3/11/17 - 03/11/2017 - Yves Smith Deutsche Bank Tries to Stay Alive - 03/11/2017 - Yves Smith John Helmer: Australian Government Trips Up Ukrainian Court Claim of MH17 as Terrorism - 03/11/2017 - Yves Smith 2:00PM Water Cooler 3/10/2017 - 03/10/2017 - Lambert Strether Why a 400-Year Program of Modernist Thinking is Exploding - 03/10/2017 - Yves Smith Links 3/10/17 - 03/10/2017 - Yves Smith Why It Will Take a Lot More Than a Smartphone to Get the Sharing Economy Started - 03/10/2017 - Yves Smith CalPERS' General Counsel Railroads Board on Fiduciary Counsel Selection - 03/10/2017 - Yves Smith Another Somalian Famine - 03/10/2017 - Yves Smith Trade now with TradeStation - Highest rated for frequent traders Why a 400-Year Program of Modernist Thinking is Exploding Posted on March 10, 2017 by Yves Smith By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Across the globe, a collective freak-out spanning the whole political system is picking up steam with every new "surprise" election, rush of tormented souls across borders, and tweet from the star of America's great unreality show, Donald Trump. But what exactly is the force that seems to be pushing us towards Armageddon? Is it capitalism gone wild? Globalization? Political corruption? Techno-nightmares? Rajani Kanth, a political economist, social thinker, and poet, goes beyond any of these explanations for the answer. In his view, what's throwing most of us off kilter - whether we think of ourselves as on the left or right, capitalist or socialist -was birthed 400 years ago during the period of the Enlightenment. It's a set of assumptions, a particular way of looking at the world that pushed out previous modes o

Rubinstein's basic assertion, which is that economic theory tells us more about economic models than it tells us about economic reality, is a warning: We should listen not only to economists when it comes to predicting the future of work; we should listen also to historians, who often bring a deeper historical perspective to their predictions. Automation will significantly change many people's lives in ways that may be painful and enduring.

"It's tempting to look at the recession as the cause of all this, the Great Fuckening from which we are still waiting to recover. But what we are living through now, and what the recession merely accelerated, is a historic convergence of economic maladies, many of them decades in the making. Decision by decision, the economy has turned into a young people-screwing machine. And unless something changes, our calamity is going to become America's."

Some have taken a stab at putting the pandemic in historical context. At the start of the Covid-19 pandemic, the Washington Post visualized the devastating plagues of history, with Covid-19 by comparison a tiny dot. (By today, tragically, it'd be a much bigger dot.) This vivid graphic ranks Covid-19 the ninth deadliest in history

We think government lockdowns cause substantial collateral health damage. For example, hospital admissions in the USA for emergency treatment of acute ischaemic strokes have been substantially lower in February-March, 2020, than in February-March, 2019, resulting in delayed treatment.1 Compared with a historical baseline, UK nursing homes and hospices saw an increase in the number of deaths between February and June, 2020, associated with acute coronary syndrome (a 41% increase), stroke (a 39% increase), and heart failure (a 25% increase).2

Historians don't just study history. We construct it. We puzzle pieces into meanings. Aided by our instincts and experiences, as well as by our research, we make sense of other times, other nations, other peoples. In that sense, the writing of history is always personal.