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Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

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11–20 of 125 posts

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#11
post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

This generalized pronouncement may be a bit premature. A lot of people do not work well doing self study. A lot of people need to ask specific, difficult to anticipate questions before understanding a topic. A lot of people lack the self discipline to study without the accountability of another person. There are a lot of reasons to hire a personal tutor beyond using them as a living breathing codex.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#12

This article is pretty ridiculous and lazy. > After 40 years of allowing the market to play an expanding role in driving prosperity, China’s leaders have remembered something important — they’re Communists. China isn't a true communist state and hasn't been for a while. Yet the author feels the need to dunk on this straw man and defend capitalism and venture capitalists who lost money in the tutoring crackdown. The m…

[deleted]

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#13
It is so interesting to see the CCP try to navigate the dichotomy between state planning and free markets. Trying to make diametrically opposed systems play together. I would even be rooting for them if it wasn't for the complete disregard for human life, personal liberties and all the fucking genocide...

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#14
post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

If wikis were enough, the information asymmetry would not exist unless these people were unaware of wikis and other sources of information like textbooks, which I find unlikely.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#15
post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

If that were true then the entire education industry globally is a scam which i simply can't believe. Have you never had a great lecturer who can deliver information in a way which makes more sense to you then just reading it off a website?

Online Education industry is a scam in India - high fees ($500-$1500 range) along with low wage mediocre teachers!

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#16
post #13

It is so interesting to see the CCP try to navigate the dichotomy between state planning and free markets. Trying to make diametrically opposed systems play together. I would even be rooting for them if it wasn't for the complete disregard for human life, personal liberties and all the fucking genocide...

Markets are nowhere free since they are always defined narrowly by state and international laws. What china doesn't allow is capitalism but handling a state-planned market doesnt seem to be that hard.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#17
post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

If that were true then the entire education industry globally is a scam which i simply can't believe. Have you never had a great lecturer who can deliver information in a way which makes more sense to you then just reading it off a website?

I have, but the chance of getting that when you pay for an education is low enough for it to be an anomaly in my experience.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#18
post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

Only if you don't understand what the "tutoring" industry in China truly does. They are all test prep, not general teaching or education but cram schools for scoring better on a specific test.

For example they are not allowed to teach calculus, despite calculus making the tests easier, for the exact reason public schools do not introduce it in the standard curriculum. Instead the schools are places to drill test taking and memorize tricks to be used on said single exam.

It is an entire industry geared to a single once per year test. Every dollar spent targeting said test is an economic loss. It is the exact sort of economic loss one should expect from perverse incentives. Banning this industry papers over the symptoms of a broken system, it is an obvious move but not a brilliant one.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#19
post #13

It is so interesting to see the CCP try to navigate the dichotomy between state planning and free markets. Trying to make diametrically opposed systems play together. I would even be rooting for them if it wasn't for the complete disregard for human life, personal liberties and all the fucking genocide...

[dead]

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#20
In America, politicians are controlled by billionaires. This comes at the cost of national interest, given that winner-takes-all systems are gini coefficient maximizers.

In China, politicians control billionaires. At least in theory, especially given how much the Chinese political establishment is attuned to the needs of the Chinese commoner, this does protect the national interest.

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