How did the Cold War era history of Communist China and Soviet Russia shape their ability or lack thereof to prosper in the modern world economy?

Answer 1

Video Attached!

Hey there! It's been a while since you posted, but this is an interesting question. It's certainly a pretty involved one for a five minute video! Feel free to reach out if you want more information.

Summary: In this video, I suggest that to understand these economies, we have to understand their nature as centrally planned and get a sense for their situation at the beginning of the Cold War. I mention some of the impacts of planned economies on global integration, with the caveat that these economies changed during the course of the Cold War.

Bottom Line:

1. Centrally planned economies suffer from growing pains. National economies are big, complicated things! Mistakes here have consequences.
2. Limited trade leads to limited leverage in writing trade rules
3. Limited trade can slow growth and/or lead to a volatile economy dependent on trade with few partners

The economic factors discussed here are probably most relevant from 1945-91 in the USSR and 1949 to sometime during the Deng Xiaoping Administration in the PRC.

Relevant Film Recommendation: To bring some of this history to life, try to watch the film adaptation of Yu Hua's novel To Live. It's about a family living through the war and later the Great Leap Forward, the Cultural Revolution, and other "Bolded Terms" in modern Chinese History. Read the Wikipedia Preview here: https://en.wikipedia.org/wiki/To_Live_(1994_film)#Plot

Further Reading: University students may find James C Scott's book Seeing Like a State helpful in thinking about planned economies and issues of governance. Wikipedia summary here: https://en.wikipedia.org/wiki/Seeing_Like_a_State