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In spite of neoliberalism, not because of it. The country which has done most to raise its citizens out of poverty (China) did the exact opposite of articles 5
by crdoconnor 9y ago
In spite of neoliberalism, not because of it.
The country which has done most to raise its citizens out of poverty (China) did the exact opposite of articles 5, 6, 7, 8 and 9 of the Washington Consensus.
The Latin American countries which applied it as directed in the 1980s, by contrast, subsequently did very poorly on raising people out of poverty.
- logicchains 9y ago>The country which has done most to raise its citizens out of poverty (China) did the exact opposite of articles 5, 6, 7, 8 and 9 of the Washington Consensus. It's interesting to compare China, GDP per capita of around $8000, with neighbours like Taiwan, Singapore, Hong Kong and Korea, all of which are now developed countries (GDPs per capita of $20000-$50000), and all of which opened up more and sooner than the Chinese mainland.
- crdoconnor 9y agoOf course. China took inspiration from them. They all followed an almost identical, although subtler model. Singapore and Hong Kong made less use of tariffs and disguised their subsidies better, and made greater use of currency manipulation, though. Western economists, by and large, advocate doing the exact opposite of what they all did. 90s Russia is a good example of where those recommendations were taken to heart. It didn't go well: http://fair.org/extra/harvards-best-and-brightest-aided-russias-economic-ruin/ http://fair.org/extra/harvards-best-and-brightest-aided-russ...