EdwardBaiamonte
Platinum Member
- Nov 23, 2011
- 34,612
- 2,153
- 1,100
China solved a lot of poverty by switching to Mercantilism and tapping into the Fountain of Wealth Creation that is the United States Economy.
1) I don't see any books calling it mercantilism( see below)
2) China competes and wins capitalistically based on price and quality
3) Today all economists agree the mercantilism makes a country poorer, not richer which is why mercantilism disappeared in 18th century.
4) "tapping in"?? Tapping in based on price and quality is called capitalism.
Now do you understand?
"Capitalism With Chinese Characteristics"
"How China Became Capitalist"
In his new book titled Markets over Mao: The rise of private businesses in China, Lardy argues that even though SOEs still enjoy monopoly positions in some key sectors in China, such as energy and telecommunications, their role in the overall economy has diminished significantly over the years. Here are some of the facts he presents to back his thesis: in 2011, China’s state-controlled firms only accounted for about a quarter of the country’s industrial output; and their share in exports has dropped to about 11% today; in 2012, state firms were only responsible for about one-tenth of fixed investment in manufacturing. And in terms of employment, SOEs employed about 13% of China’s labor force in 2011, a dramatic decline compared with the 60% figure recorded in 1999.