Yan Liang's guest appearances

Yan Liang

The MMT Podcast with Patricia Pino & Christian Reilly

Macro N Cheese

OwlTail

Patricia &amp; Christian talk to Kremer Endowed Chair of Economics at Willamette University, Professor Yan Liang about China’s economy, international trade, sovereign wealth funds, de-dollarisation, and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS!  Rethinking Capitalism weekends (Sydney 22nd, 23rd July and Canberra 26th, 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies’ mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/      Relevant to this episode:  Yan Liang on Twitter: https://twitter.com/YanLian31677392 For more on international trade through the MMT lens, listen to episode 158 - “Winning” At Trade: https://www.patreon.com/posts/78800108?pr=true For more on Warren’s Mosler’s view that prices paid by government are the source of the price level, listen to episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 For more on inflation see our episodes on inflation (below) Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500      For an intro to MMT:  Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318    Quick MMT reads:  Warren’s Mosler’s MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail’s quick MMT explainer:  https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”:  https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/      For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here:  http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023):  https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Episodes on monetary operations:  Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929       Episodes on inflation:  Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation &amp; Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray &amp; Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558    Our Job Guarantee episodes:  Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory:  https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/      More on government bonds (and “vigilantes”):  Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?:  https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true    More on Silicon Valley Bank and bank runs:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System:  https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html      MMT Events And Courses In 2023:  More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here:  https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th):  https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/    MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies:  https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757     We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel:  https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos     Show notes:  https://www.patreon.com/posts/85584105?pr=true

Patricia &amp; Christian talk to Kremer Endowed Chair of Economics at Willamette University, Professor Yan Liang about China’s economy, international trade, sovereign wealth funds, de-dollarisation, and more. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: <a href="https://www.patreon.com/MMTpodcast" rel="nofollow" target="_blank">https://www.patreon.com/MMTpodcast</a> All our episodes in chronological order: <a href="https://www.patreon.com/posts/43111643" rel="nofollow" target="_blank">https://www.patreon.com/posts/43111643</a> All our patron-only episodes: <a href="https://www.patreon.com/posts/57542767" rel="nofollow" target="_blank">https://www.patreon.com/posts/57542767</a> LIVE EVENTS! <ul> <li>Rethinking Capitalism weekends (Sydney 22nd, 23rd July and Canberra 26th, 27th August): <a href="https://modernmoneylab.org.au/events/" rel="nofollow" target="_blank">https://modernmoneylab.org.au/events/</a></li> <li>Sign up to the Gower Initiative For Modern Money Studies’ mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): <a href="https://gimms.org.uk/mailing-list/" rel="nofollow" target="_blank">https://gimms.org.uk/mailing-list/</a></li> <li>Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: <a href="https://www.mmtconference.eu/" rel="nofollow" target="_blank">https://www.mmtconference.eu/</a></li> </ul> Relevant to this episode: <ul> <li>Yan Liang on Twitter: <a href="https://twitter.com/YanLian31677392" rel="nofollow" target="_blank">https://twitter.com/YanLian31677392</a></li> <li>For more on international trade through the MMT lens, listen to episode 158 - “Winning” At Trade: <a href="https://www.patreon.com/posts/78800108?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/78800108?pr=true</a></li> <li>For more on Warren’s Mosler’s view that prices paid by government are the source of the price level, listen to episode 123 - Warren Mosler: Understanding The Price Level And Inflation: <a href="https://www.patreon.com/posts/59856379" rel="nofollow" target="_blank">https://www.patreon.com/posts/59856379</a></li> <li>For more on inflation see our episodes on inflation (below)</li> <li>Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): <a href="https://www.patreon.com/posts/29621245" rel="nofollow" target="_blank">https://www.patreon.com/posts/29621245</a> and episode 31 - Understanding Government Bonds (Part 2):<a href="https://www.patreon.com/posts/29829500" rel="nofollow" target="_blank">https://www.patreon.com/posts/29829500</a></li> </ul> For an intro to MMT: <ul> <li>Our first three episodes: <a href="https://www.patreon.com/posts/41742417" rel="nofollow" target="_blank">https://www.patreon.com/posts/41742417</a></li> <li>Episode 126 - Dirk Ehnts: How Banks Create Money: <a href="https://www.patreon.com/posts/62603318" rel="nofollow" target="_blank">https://www.patreon.com/posts/62603318</a></li> </ul> Quick MMT reads: <ul> <li>Warren’s Mosler’s MMT white paper: <a href="http://moslereconomics.com/mmt-white-paper/" rel="nofollow" target="_blank">http://moslereconomics.com/mmt-white-paper/</a></li> <li>Steven Hail’s quick MMT explainer: <a href="https://theconversation.com/explainer-what-is-modern-monetary-theory-72095" rel="nofollow" target="_blank"> https://theconversation.com/explainer-what-is-modern-monetary-theory-72095</a></li> <li>Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: <a href="https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/" rel="nofollow" target="_blank"> https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/</a></li> </ul> For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here: <a href="http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf" rel="nofollow" target="_blank"> http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf</a> Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023): <a href="https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html" rel="nofollow" target="_blank"> https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html</a> Episodes on monetary operations: <ul> <li>Episode 20 - Warren Mosler: The MMT Money Story (part 1): <a href="https://www.patreon.com/posts/28004824" rel="nofollow" target="_blank">https://www.patreon.com/posts/28004824</a></li> <li>Episode 126 - Dirk Ehnts: How Banks Create Money: <a href="https://www.patreon.com/posts/62603318" rel="nofollow" target="_blank">https://www.patreon.com/posts/62603318</a></li> <li>Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: <a href="https://www.patreon.com/posts/41790887" rel="nofollow" target="_blank">https://www.patreon.com/posts/41790887</a></li> <li>Episode 43 - Sam Levey: Understanding Endogenous Money: <a href="https://www.patreon.com/posts/35073683" rel="nofollow" target="_blank">https://www.patreon.com/posts/35073683</a></li> <li>Episode 84 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): <a href="https://www.patreon.com/posts/46352183" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352183</a></li> <li>Episode 86 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): <a href="https://www.patreon.com/posts/46865929" rel="nofollow" target="_blank">https://www.patreon.com/posts/46865929</a> </li> </ul> Episodes on inflation: <ul> <li>Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: <a href="https://www.patreon.com/posts/41780508" rel="nofollow" target="_blank">https://www.patreon.com/posts/41780508</a></li> <li>Episode 65 - Phil Armstrong: Understanding Inflation: <a href="https://www.patreon.com/posts/40672678" rel="nofollow" target="_blank">https://www.patreon.com/posts/40672678</a></li> <li>Episode 104 - John T Harvey: Inflation, Stagflation &amp; Healing The Nation: <a href="https://www.patreon.com/posts/52207835" rel="nofollow" target="_blank">https://www.patreon.com/posts/52207835</a></li> <li>Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: <a href="https://www.patreon.com/posts/59856379" rel="nofollow" target="_blank">https://www.patreon.com/posts/59856379</a></li> <li>Episode 128 - L. Randall Wray &amp; Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: <a href="https://www.patreon.com/posts/63776558" rel="nofollow" target="_blank">https://www.patreon.com/posts/63776558</a></li> </ul> Our Job Guarantee episodes: <ul> <li>Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: <a href="https://www.patreon.com/posts/41742701" rel="nofollow" target="_blank">https://www.patreon.com/posts/41742701</a></li> <li>Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: <a href="https://www.patreon.com/posts/36034543" rel="nofollow" target="_blank">https://www.patreon.com/posts/36034543</a></li> <li>Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: <a href="https://www.patreon.com/posts/episode-148-why-73211346" rel="nofollow" target="_blank"> https://www.patreon.com/posts/episode-148-why-73211346</a></li> <li>Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: <a href="https://pavlina-tcherneva.net/job-guarantee-faq/" rel="nofollow" target="_blank">https://pavlina-tcherneva.net/job-guarantee-faq/</a></li> </ul> More on government bonds (and “vigilantes”): <ul> <li>Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):<a href="https://www.patreon.com/posts/29621245" rel="nofollow" target="_blank">https://www.patreon.com/posts/29621245</a></li> <li>Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): <a href="https://www.patreon.com/posts/29829500" rel="nofollow" target="_blank">https://www.patreon.com/posts/29829500</a></li> <li>Episode 143 - Paul Sheard: What Is Quantitative Easing?: <a href="https://www.patreon.com/posts/71589989?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/71589989?pr=true</a></li> <li>Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: <a href="https://www.patreon.com/posts/episode-147-dirk-72906421" rel="nofollow" target="_blank"> https://www.patreon.com/posts/episode-147-dirk-72906421</a></li> <li>Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: <a href="https://www.patreon.com/posts/71966513" rel="nofollow" target="_blank">https://www.patreon.com/posts/71966513</a></li> <li>Episode 145 - John T Harvey: What Determines Currency Prices?: <a href="https://www.patreon.com/posts/72283811?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/72283811?pr=true</a></li> </ul> More on Silicon Valley Bank and bank runs: <ul> <li>Episode 162 - Warren Mosler: Anatomy Of A Bank Run: <a href="https://www.patreon.com/posts/80157783?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/80157783?pr=true</a></li> <li>Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: <a href="https://www.patreon.com/posts/80479169?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/80479169?pr=true</a></li> <li>Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: <a href="https://www.patreon.com/posts/81084983?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/81084983?pr=true</a></li> <li>MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: <a href="https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html" rel="nofollow" target="_blank"> https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html</a></li> </ul> MMT Events And Courses In 2023: <ul> <li>More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: <a href="http://www.mmted.org/" rel="nofollow" target="_blank">http://www.mmted.org/</a></li> <li>Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: <a href="https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics" rel="nofollow" target="_blank"> https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics</a></li> <li>Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: <a href="https://modernmoneylab.org.au/" rel="nofollow" target="_blank">https://modernmoneylab.org.au/</a></li> <li>Details of the MMT Summer school in Poznań, Poland (September 5th-7th): <a href="https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/" rel="nofollow" target="_blank"> https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/</a></li> <li>Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: <a href="https://www.mmtconference.eu/" rel="nofollow" target="_blank">https://www.mmtconference.eu/</a></li> </ul> MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: <a href="https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies" rel="nofollow" target="_blank"> https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies</a> MMT scholarship compiled by New Economic Perspectives: <a href="http://neweconomicperspectives.org/mmt-scholarship" rel="nofollow" target="_blank">http://neweconomicperspectives.org/mmt-scholarship</a> A list of MMT-informed campaigns and organisations worldwide: <a href="https://www.patreon.com/posts/47900757" rel="nofollow" target="_blank">https://www.patreon.com/posts/47900757</a> We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: <a href="https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos" rel="nofollow" target="_blank"> https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos</a> Show notes: <a href="https://www.patreon.com/posts/85584105?pr=true" rel="nofollow" target="_blank"> https://www.patreon.com/posts/85584105?pr=true</a>

#175 Yan Liang: China, Trade & Reforming The System

Dr. Yan Liang joins Steve to talk about China’s role in the global economy and the concept of “de-dollarization.” It’s refreshing to hear a discussion of these issues without hyperbole, but you know that already; that’s why you come to Macro N Cheese.Countries of the global south have suffered chronic debt and financial crises due to the neoliberal regime of the US and its allies. After the 2008 financial crisis, China has been diversifying its foreign exchange reserves and establishing currency swaps with more trading partners. The goal is to dilute the power of the dollar and temper US hegemony with a more stable and development-friendly system.Yan and Steve consider the loss of jobs in the US – a consequence of perpetual trade deficits. She maintains that the competition is not between domestic and foreign production, but between high financial returns and real productive capacity.The episode looks at China’s future role in global trade and finance, and how it might provide support and relief to developing nations. The conversation also touches on the flaws of the Western-led multilateral lending system and the need for alternatives.Dr. Yan Liang of Willamette University specializes in Post Keynesian-Institutionalist approach to international trade and finance, financial macroeconomics, and economic development with a regional focus on China.@YanLian31677392

Dr. Yan Liang joins Steve to talk about China’s role in the global economy and the concept of “de-dollarization.” It’s refreshing to hear a discussion of these issues without hyperbole, but you know that already; that’s why you come to Macro N Cheese.Countries of the global south have suffered chronic debt and financial crises due to the neoliberal regime of the US and its allies. After the 2008 financial crisis, China has been diversifying its foreign exchange reserves and establishing currency swaps with more trading partners. The goal is to dilute the power of the dollar and temper US hegemony with a more stable and development-friendly system. Yan and Steve consider the loss of jobs in the US – a consequence of perpetual trade deficits. She maintains that the competition is not between domestic and foreign production, but between high financial returns and real productive capacity. The episode looks at China’s future role in global trade and finance, and how it might provide support and relief to developing nations. The conversation also touches on the flaws of the Western-led multilateral lending system and the need for alternatives. Dr. Yan Liang of Willamette University specializes in Post Keynesian-Institutionalist approach to international trade and finance, financial macroeconomics, and economic development with a regional focus on China. @YanLian31677392

Putting BRICS into Perspective with Yan Liang

This week’s episode is another chapter in our mission to educate ourselves about modern China. Yan Liang specializes in Modern Money Theory, international trade and finance, and economic development, with a special regional focus on China. She is also the wife of friend-of-the-podcast Eric Tymoigne.Steve and Yan discuss the truth and misconceptions about the ongoing competition between the US and China. It has created winners and losers, with the working class in both countries affected by globalization. Trade war is class war.The explanation for China’s growth is sometimes attributed to market reform and opening itself to trade, but Yan points to the role of the state in financing development, formulating industrial policies, and building infrastructure, both hard and soft. Policymakers are beginning to tighten the grip on private enterprise as they plan to grow China in a more sustainable way, unlike in the past, where extensive growth was a major driving force.US officials pay lip service to job creation while ceding power to private corporations. Steve compares the role of government:It seems like in China it's a little bit more egalitarian. The wealth gap is not as severe, and there is more universal opportunity at some level for leading a life without the precarity. Everything seems to be taken care of with a mindset of empowering and improving the lives of Chinese citizens.Market reform brought about widening inequality in China, between urban and rural, and between east and west. But public healthcare and pensions guarantee certain protections and the Ji Xinping administration’s “common prosperity” policies are further addressing inequality.There is a crackdown in the tech sector; they are trying to solve the so called three mountains on people's back: education, housing, and healthcare. So, this idea of common prosperity is really trying to elevate even more that egalitarianism that I think gradually eroded in China because of market reform and opening up.This interview looks at China’s use of capital controls, its shift to sustainability, and the role of Taiwan as a focal point for US economic interests and propaganda (and its strategic position in the semiconductor industry.) They talk about the meaning of human rights, which is seen by the Chinese as the right to a livelihood and freedom from poverty.Finally, Yan talks about the possibility of the Chinese accepting MMT and how it would affect the respective roles of central and regional governments.Yan Liang is Peter C. and Bonnie S. Kremer Chair, Professor of Economics and Chair of International Studies at Willamette University. She is also a Research Scholar at the Global Institute of Sustainable Prosperity. Yan specializes in Modern Money Theory, International Trade and Finance, Economic Development, with a special regional focus on China.@YanLian31677392 on Twitter

This week’s episode is another chapter in our mission to educate ourselves about modern China. Yan Liang specializes in Modern Money Theory, international trade and finance, and economic development, with a special regional focus on China. She is also the wife of friend-of-the-podcast Eric Tymoigne.Steve and Yan discuss the truth and misconceptions about the ongoing competition between the US and China. It has created winners and losers, with the working class in both countries affected by globalization. Trade war is class war. The explanation for China’s growth is sometimes attributed to market reform and opening itself to trade, but Yan points to the role of the state in financing development, formulating industrial policies, and building infrastructure, both hard and soft. Policymakers are beginning to tighten the grip on private enterprise as they plan to grow China in a more sustainable way, unlike in the past, where extensive growth was a major driving force. US officials pay lip service to job creation while ceding power to private corporations. Steve compares the role of government: <blockquote>It seems like in China it's a little bit more egalitarian. The wealth gap is not as severe, and there is more universal opportunity at some level for leading a life without the precarity. Everything seems to be taken care of with a mindset of empowering and improving the lives of Chinese citizens.</blockquote> Market reform brought about widening inequality in China, between urban and rural, and between east and west. But public healthcare and pensions guarantee certain protections and the Ji Xinping administration’s “common prosperity” policies are further addressing inequality. <blockquote>There is a crackdown in the tech sector; they are trying to solve the so called three mountains on people's back: education, housing, and healthcare. So, this idea of common prosperity is really trying to elevate even more that egalitarianism that I think gradually eroded in China because of market reform and opening up.</blockquote> This interview looks at China’s use of capital controls, its shift to sustainability, and the role of Taiwan as a focal point for US economic interests and propaganda (and its strategic position in the semiconductor industry.) They talk about the meaning of human rights, which is seen by the Chinese as the right to a livelihood and freedom from poverty. Finally, Yan talks about the possibility of the Chinese accepting MMT and how it would affect the respective roles of central and regional governments. Yan Liang is Peter C. and Bonnie S. Kremer Chair, Professor of Economics and Chair of International Studies at Willamette University. She is also a Research Scholar at the Global Institute of Sustainable Prosperity. Yan specializes in Modern Money Theory, International Trade and Finance, Economic Development, with a special regional focus on China. @YanLian31677392 on Twitter