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this post was submitted on 03 Dec 2024
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GenZedong
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Isn't GDP just naturally lower due to socialist economy having lower prices, and especially due to free/very low rent, compared to the USA housing market which makes up about 10% of USA GDP?
Yes, also capitalist GDPs tend to get inflated by luxury goods (which the SU notoriously under focused and lacked), but I was/am not prepared to go into a deep dive of gdp/gdppc/gdpppp for base industries for the USSR, USA, and China
Neoliberal GDPs get further inflated by financialization and asset price inflation, things that hinder the real economy. https://michael-hudson.com/2016/08/finance-is-not-the-economy/