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China had almost 90% of its population living in extreme poverty as recently as the 1980s. The tremendous reduction in that poverty rate (to less than 1% today)
by NovemberWhiskey 5y ago
China had almost 90% of its population living in extreme poverty as recently as the 1980s. The tremendous reduction in that poverty rate (to less than 1% today) is attributable entirely to market-based reform.
- clairity 5y agoyes, market-based reform, not capitalism per se. capitalism has no monopoly on markets, as markets predate all the -isms by many centuries. so that's not an argument for capitalism (for which capital is a central concern) but for decentralized, market-based systems, the fairer the better.
- NovemberWhiskey 5y agoTo be more specific: it has been the result of a decrease in central planning, decollectivization, privatization of previously state-owned industries and private ownership of the means of production operated with profit as the motive.