this post was submitted on 30 Jun 2025
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If you can understand Mandarin Chinese, this 3 hour debate between Justin Lin Yifu (neoclassical) and Zhang Weiying (Austrian school) from 2016 - widely popularized as China’s Keynes vs Hayek Great Debate - is everything you need to know about China’s industrial policy for the past decade.
Thanks! Seems like a good motivator for me to learn Chinese
. Are more Marxist voices less prominent in these debates?
There are no Marxist voices in the mainstream today. All the distinguished Marxist economists have long been banished to the humanities and social science departments long ago. They do write books, sometimes articles/blogs on the internet, and newspaper columns, but they have very little influence on policymaking. The mainstream is full on dominated by Western economists these days.
If you actually listen to the debate, both sides are openly making fun of the Mao era central planners for being inefficient lol.
Also FYI the correct term for Marxist economics in China is “political economy” (政治经济学). Nobody uses the word Marxist economics. Similarly, neoclassical economics is called “Western economics” (西方经济学). If you don’t know the correct terminology in Chinese, it can be very difficult to search for the relevant information you want.
do you have any ideas of how/if/when this will change?