https://www.usatoday.com/story/money/2019/11/06/united-states-poverty-rate-for-every-group/40546247/America's challenge to its Capitalist/Democratic System is being provided by China which has taken nearly 600 million citizens out of poverty in just over 30 years. If this momentum continues then the rest of the world will likely be asking : "What are we doing wrong?"
Covid has thought us that there is a delicate balance between personal liberty and economic well being.
China is teaching us that there is also a delicate balance between personal liberty and economic well being albeit on a much longer timescale than covid!
China passed out the USA in GDP (PPP adjusted) in 2015 and will likely pass out the USA in USD by 2026.
While China's industrialisation was underpinned by cheap labour and a Mercantilist Government, the big question is will" Made In China 2025"
& the "BRI" Program save it from the Dutch Disease/too high labour input costs and the external trade pressures on its government to be less
Merchantilist?
I guess we'll have to wait & see...eh?
