The Economy of Communist China

The video explores China's economic journey from being the world's wealthiest nation to struggling in the early 20th century due to industrial lag. Post-WWII, China faced challenges in rebuilding its economy, exacerbated by Soviet exploitation. Mao Zedong's centralized planning and the Great Leap Forward aimed to industrialize but led to economic failures. Deng Xiaoping's reforms eventually set China on a path to becoming a global economic power.

What was a key factor in China's economic decline in the early 20th century?

• Rise of modern industrial superpowers

• Over-reliance on technology

• Excessive foreign aid

• Lack of natural resources

What was the primary goal of Mao Zedong's initial economic plans?

• To establish a capitalist economy

• To create a decentralized economic system

• To rebuild China using a Soviet-style model

• To focus solely on agricultural development

What was the Great Leap Forward intended to achieve?

• Expansion of foreign trade

• Reduction of military spending

• Decentralization of government power

• Rapid industrialization and economic growth

What was a major consequence of the backyard furnace experiment?

• Improved living conditions for farmers

• Increased agricultural productivity

• Successful steel production

• Severe environmental and economic issues

Who succeeded Mao Zedong and initiated economic reforms in China?

• Hu Jintao

• Jiang Zemin

• Deng Xiaoping

• Zhou Enlai