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Godfrey Roberts – Poverty and Inequality in China

Summary:
In 1850, when Western nations were the richest on earth, capitalists created the first market economy. By privatizing credit, land, and labor, they allowed human society to be regulated by the market. In 1950, when China was the poorest nation on earth, communists created an organic economy by subordinating credit, land, and labor to the service of society and trusting the government to regulate it. In 2020, after growing twice as fast, China’s economy is overtaking market economies in two important aspects: eliminating poverty and inequality.The UNZ Review Godfrey Roberts - Poverty and Inequality in China

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In 1850, when Western nations were the richest on earth, capitalists created the first market economy. By privatizing credit, land, and labor, they allowed human society to be regulated by the market. In 1950, when China was the poorest nation on earth, communists created an organic economy by subordinating credit, land, and labor to the service of society and trusting the government to regulate it. In 2020, after growing twice as fast, China’s economy is overtaking market economies in two important aspects: eliminating poverty and inequality.

The UNZ Review 

Godfrey Roberts - Poverty and Inequality in China


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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