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May

2008

China and the Development Myth - D.W. MacKenzie - Mises Institute

Is China's economic success a result of the government's close management of market activity? Or is China's economic success actually a myth in itself? As the author says "While it had been thought that 100 million Chinese live on less than one dollar per day, there are actually 300 million Chinese living on less than one dollar per day."

The author refutes claims that close government regulation creates higher, more long term growth, claiming that "We can see the strength of the case for economic freedom even more clearly through proper economic theorizing. Free-market economists like Friedrich Hayek and Ludwig von Mises arrived at the proper conclusions regarding socialism and interventionism long before the evidence on modern state planning was in."

mises.org/2960

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China economics free markets socialism central planning economic growth

Chinese success in recent decades proves that government planning is a better path. Countries that follow the "free-trade" neoliberal path will lag behind while regulated economies, like China, come to dominate the global economy.
As of 2008, China ranked the 126th freest economy, in the "mostly unfree" category of the most recent Index of Economic Freedom.
2 more annotation(s)...
- Chinese per capital GDP is still very low, on average. While it had been thought that 100 million Chinese live on less than one dollar per day, there are actually 300 million Chinese living on less than one dollar per day.
- We can see the strength of the case for economic freedom even more clearly through proper economic theorizing. Free-market economists like Friedrich Hayek and Ludwig von Mises arrived at the proper conclusions regarding socialism and interventionism long before the evidence on modern state planning was in.