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by barry-cotter
2431 days ago
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In China it’s almost all due to globalization. Multinationals doing siphon out wealth. They invest huge amounts of money in foreign direct investment, enabling faster growth than if all capital had to be domestically sourced and they take some of those profits and repatriate them, but the wages they pay and the capital investment they make stay in country. In China the people who were poor subsistence farmers absolutely are those lifted out of poverty. The numbers are just too great for it to work any other way, with urbanization going from ~20% in 1980 to 70 or 80% now. Similarly in Korea. |
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