Often when we talk about competition between two nations, the US and China is the perfect example for today, we get arguments that are boiled down to broad ideas; like East vs the West and capitalism vs communism. But when we do this, we often lose a lot of nuance and miss some important details.

Not too long ago, the US and the West were competing with the USSR and pooled their resources towards containing the spread of communism. Fast forward to now and some of the satellite states and former Soviet Union nations have turned into development success stories. Nations like Poland have increased their GDP by 179% since the fall of the USSR in 1990; Estonia’s GDP per capita in 1995 was $3,134, and in 2021 it’s just below $28,000.

Dr. Gevorkyan received his bachelor’s degree in International Trade and Finance from Louisiana State University, two master's in Economics from The New School and Louisiana State University, and his Ph.D. in economics from the New School. He is an expert on Central Eastern Europe and the Former Soviet Union economies. He is the author of numerous journals and articles, as well as the author of two books: "Transition Economies" and "Financial Deepening and Post-Crisis Development in Emerging Markets." He is a professor and Henry George Chair in Economics at St. John’s University, as well as a member here at the Henry George School.

Together, we discussed some recent economic and political trends within the region, changes to the overall base and superstructure of the economy, and why a poly-crisis may not be as bad as it seems.

To check out more of our content, including our research and policy tools, visit our website: ⁠https://www.hgsss.org/⁠

Podcasts and Publications Mentioned:

How Martin Wolf Understands This Global Economic Moment on The Ezra Klein Show: https://podcasts.apple.com/us/podcast/how-martin-wolf-understands-this-global-economic-moment/id1548604447?i=1000623031651

Gevorkyan, A.V. (ed.). 2023. Foreign Exchange Constraint and Developing Economies. Northampton, MA: Edward Elgar Publishing. https://www.e-elgar.com/shop/usd/foreign-exchange-constraint-and-developing-economies-9781800880498.html

Gevorkyan, A.V. 2018. Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union. Oxford: Routledge. https://goo.gl/otvbQe

Minsky, H. Stabilizing an Unstable Economy https://www.amazon.com/Stabilizing-Unstable-Economy-Hyman-Minsky/dp/0071592997

Kondratieff, N. (1935), ‘The Long Waves in Economic Life,’ Review of Economics and Statistics, 18 (6), 105–115.

38. Lord Adair Turner on the viability of capitalism

Smart Talk PodcastBy Henry George School of Social ScienceSep 22, 2022