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China Has Achieved An Economic Miracle

13 mins 8 mths

China has achieved an economic miracle by being one of the few developing countries to shift its status up and into a world superpower. A billion people have together created a modern economy in record time. Only a handful of nations have made the jump to developed economy from developing status in recent times and they are Singapore, Taiwan, and Korea. According to Professor Richard Werner none of the developing nations primarily being helped by the IMF or the World Bank have made this transition. Why is that? Why has the West and the US in particular been so unsuccessful in their efforts to facilitate such economic progress, despite their wealth? In his estimation, as an international economist, it is because the help these financial entities offer is largely exploitative. Bankers just want to make money, it is in their DNA, and they come from investment banks and their associates are still tied to these banks and corporations. Miners and engineering firms are in it for their own profitability above all other considerations when operating in third world places. There are, also, disagreements around economic policy, as there always are in economics.

Culture Economics Politics