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Interestingly, among the Asian Tiger economies, their massive growth first unlocked during a period where they were not meaningfully democracies and their gover
by nrp 4y ago
Interestingly, among the Asian Tiger economies, their massive growth first unlocked during a period where they were not meaningfully democracies and their governments intervened heavily to pick winners. The proximate success of their economies was export oriented industry, but the industries and the companies within them were more or less hand picked by the ruling regimes.
The remarkable thing is that Korea, Taiwan, and Singapore have all successfully turned the corner to being functioning democracies that are still driving economic growth rather than devolving into corrupt dictatorships.
- ido 4y agoAnd of course the biggest (in scale) economic success story of our time is China the last couple decades - which is not a democracy at all as well as having massive government intervention and ownership.
- HDThoreaun 4y agoChina was an economic backwater until they implemented free markets. The Chinese miracle is probably the biggest and most obvious example of how important free markets are to growth.
- ido 4y agoNot just free market, and not completely free markets (there’s a lot of government regulation, intervention and ownership). More specifically they followed Singapore’s model.
- nethdeco 4y agoTell me how Singapore is a democracy ?
- tim333 4y agoThey have elections and the government follows the wishes of the people to some extent even if it doesn't change over much https://en.wikipedia.org/wiki/Representative_democracy_in_Singapore https://en.wikipedia.org/wiki/Representative_democracy_in_Si...
- localplume 4y ago[dead]