“What Adam Smith called ‘the invisible hand’ of market choices drives greater economic growth than centrally controlled and directed economies.”
Does anyone on this board disagree with this? Personally, I don’t; the truth of the statement seems obvious
How funny that the PRC is leaning into central economic control and direction as a tool to spur greater growth. (Of course, most governments around the world try, to varying extents, to direct growth through central planning, despite its shortfalls).
I also think their history of economic growth may be credited to some strong demographic policies, as well as the opening of markets started after Mao. They spent a few decades enforcing a one-child policy, which (given the traditional nature of Chinese society, where children care for parents) really forced women to pursue careers. Now, with an aging population and reduced birth rate, they’re kind of double screwed.