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by enoch_r
3161 days ago
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For the USSR, what is the counterfactual? In retrospect, economic growth in the USSR was not particularly impressive compared to other poor, industrializing economics (which historically have often performed very well due to catch-up effects).[1][2] Yes, China has experienced dramatic GDP growth over the past 40 years. By coincidence, 39 years ago, Deng Xiaoping began reforming much of the Chinese economy based on market principles.[3] Not necessarily a glowing recommendation for top-down, centrally controlled economies, especially considering the preceding few decades, which featured more central planning as well as economic stagnation and famine death tolls in the tens of millions. [1] https://artir.files.wordpress.com/2016/03/all19301.png [2] http://voxeu.org/article/stalin-and-soviet-industrialisation [3] https://en.wikipedia.org/wiki/Chinese_economic_reform |
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