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In 1965, Hong Kong tired of being poor and switched to free markets. Their prosperity boomed. The only consistent correlation with prosperity is free markets.
by WalterBright 9mo ago
In 1965, Hong Kong tired of being poor and switched to free markets. Their prosperity boomed.
The only consistent correlation with prosperity is free markets.
- orwin 9mo agoParticipation in the global economy != free market. Unless you think China is a free market?
- WalterBright 9mo agoChina's economic revolution came about by switching to free markets.
- orwin 9mo agoChina still have capital control and state-led economy, even if they're smart about it. The state create a market, remove barriers to entry in exchange for oversight , then pick and choose who consolidate and who doesn't once the market leaders emerge. If that's free market to you, everything post-mercantilism is, and the term loose some of it's power.
- WalterBright 9mo agoChina did not go full free market. But it went far enough to create a huge prosperity boom. Note that there's a continuum between communism and free market. It is not all or nothing. Experience, however, shows the more free market it is, the more prosperous it is.