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I was just reading about the Chinese economic reform[0], which started in 1978. That was basically the end of communism in China, and the start of market libera
by Geee 2y ago
I was just reading about the Chinese economic reform[0], which started in 1978. That was basically the end of communism in China, and the start of market liberalization. The point here is that when economic policies are reformed, it obviously doesn't turn the country wealthy instantly, which is what some of Milei's critics tend to assume. Due to these reforms Chinese economy had an impressive growth rate of 9.5% from 1978 to 2013, but they didn't solve poverty instantly. China's poverty rate fell from 88 percent in 1981 to 0.7 percent in 2015 [1].
[0] https://en.wikipedia.org/wiki/Chinese_economic_reform https://en.wikipedia.org/wiki/Chinese_economic_reform
[1] https://en.wikipedia.org/wiki/Poverty_in_China https://en.wikipedia.org/wiki/Poverty_in_China