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Now, South Korea's income has moved to the top 12 in the world. Taiwan and Japan experienced similar growth. All three countries benefited primarily from freeing their currency, reducing barriers to company formation, and focusing their government policies on increasing productive capacity.
The second, and more dramatic, application of neoliberalistic ideas was in China and India. China's revolutionary changes started with Deng Xiao Ping's reforms in 1977-1981, in which he freed the peasants from communal farms; this followed from the 1965 reforms which allowed peasants 1/3 acre for their own cultivation. The latter action increased Chinese agricultural production by 30%, while the former (freeing the peasants) resulted in an increase in real peasant income in China by 40% during the 1980's. Few recognize that this was the first and most dramatic move in China, which preceded the economic liberalisation in the cities after (Zweig, 1997) (Prbyla, 1982).
What were the primary neoliberal changes in China and India? These included: (1) an opening to free trade, with admission to the WTO a centrepiece for both countries in 2000 and 2002, (2) allowing private enterprise, first through the institution of joint ventures (China: 1981, India: 1992), evolving to the institution of private capital, (3) nearly complete modernisation of the capital markets.
These reforms have allowed for the increase in per capita income from $1,000 to $3,000 from 2000 to 2006 in China, and nearly that much growth...
These changes have of course resulted in increased income disparities in these countries, but the freeing of trade, government policies and the ability to grow companies has resulted in a broad-based economic revival which has reached all income levels.
Bibliography
Burkett, P. (2005). American Economic Development since 1945: Growth, Decline and Rejuvenation. Review of Social Economy, 135-144.
CIA. (2007). South Korea. Retrieved November 4, 2007, from World Fact Book: https://www.cia.gov/library/publications/the-world-factbook/geos/ks.html
IMF. (2006). China and India: Expanding Roles in the World Economy. IMF Book Forum (p. n.p.). Washington: IMF.
Prbyla, J. (1982). Economic Problems of Communism: A Case Study of China. Asian Survey, 1206-1237.
Smith, a. (1909). An Inquiry into the Nature and Causes of the Wealth of Nations. London: PF Collier & Son.
Zweig, D. (1997). Freeing China's Farmers: Rural Restructuring in the Reform Era. Armonk: ME Sharpe.
Note: China's two principal markets (outside Hong Kong) still differentiate between a and B. shares. India continues to allow free foreign investment…
Bibliography
Burkett, P. (2005). American Economic Development since 1945: Growth, Decline and Rejuvenation. Review of Social Economy, 135-144.
CIA. (2007). South Korea. Retrieved November 4, 2007, from World Fact Book: https://www.cia.gov/library/publications/the-world-factbook/geos/ks.html
IMF. (2006). China and India: Expanding Roles in the World Economy. IMF Book Forum (p. n.p.). Washington: IMF.
Prbyla, J. (1982). Economic Problems of Communism: A Case Study of China. Asian Survey, 1206-1237.
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