The role of capitalism in creating wealth has been seen in the sharp rise in Chinese and Indian incomes after they introduced market-based reforms (China in the late 1970s and India in 1991). Global health , as measured by life expectancy at different ages , has also risen rapidly , especially in lower-income countries.
Though Chinese economy is managed differently from India, yet neither China nor India has lost faith in capitalism because both have elites who can remember living with the alternatives. The Chinese remember the disasters that followed from the Maoist centrally-planned economy . The Indians remember the slow ” Hindu rate of growth ” under socialism.
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From 1842 to 1972 , the Chinese had experienced foreign occupation , civil wars ,a Japanese invasion , a cultural revolution. After Deng Xiaoping had gradually instituted free market reforms , the Chinese had experienced the fastest increase so far in their standard of living.
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Despite of India’s democratic system and China’s Communist party system , there was almost no ideological trumpeting of the virtues of capitalism. Noe both countries prefer the single , commonsense approach of learning from experience and they heed the advice of Adam Smith who said that prudence is ” of all virtues that which is most useful to the individual”. The benefits of free market have been enormous: increased labor productivity , efficient UAE and deployment of national resources , a tremendous increase in economic wealth and most importantly , hundreds of millions in Asia , have been lifted out of absolute poverty.
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Post 1991 , India has been moving towards capitalism with gushing force. Liberalization and globalization had opened Indian economy. Opening up sectors for FDI had already attracted great investment and employment opportunities particularly in China and India too. FII norms has helped India in easy availability of capital. There has been easy availability of loan for different purposes. Capitalism states : ” Those who survive , let them survive. Those who can not , let them perish.” Singur and Nandigram incidents are perhaps the finest instances. This is what is happening in India My new article Asian Giants —towards the way of capitalism The role of capitalism in creating wealth has been seen in the sharp rise in Chinese and Indian incomes after they introduced market-based reforms (China in the late 1970s and India in 1991). Global health , as measured by life expectancy at different ages , has also risen rapidly , especially in lower-income countries. Though Chinese economy is managed differently from India, yet neither China nor India has lost faith in capitalism because both have elites who can remember living with the alternatives. The Chinese remember the disasters that followed from the Maoist centrally-planned economy . The Indians remember the slow ” Hindu rate of growth ” under socialism. From 1842 to 1972 , the Chinese had experienced foreign occupation , civil wars ,a Japanese invasion , a cultural revolution. After Deng Xiaoping had gradually instituted free market reforms , the Chinese had experienced the fastest increase so far in their standard of living. Despite of India’s democratic system and China’s Communist party system , there was almost no ideological trumpeting of the virtues of capitalism. Noe both countries prefer the single , commonsense approach of learning from experience and they heed the advice of Adam Smith who said that prudence is ” of all virtues that which is most useful to the individual”. The benefits of free market have been enormous: increased labor productivity , efficient UAE and deployment of national resources , a tremendous increase in economic wealth and most importantly , hundreds of millions in Asia , have been lifted out of absolute poverty. Post 1991 , India has been moving towards capitalism with gushing force. Liberalization and globalization had opened Indian economy. Opening up sectors for FDI had already attracted great investment and employment opportunities particularly in China and India too. FII norms has helped India in easy availability of capital. There has been easy availability of loan for different purposes. Capitalism states : ” Thiae who survive , let them survive. Those who can not , let them perish.” Singur and Nandigram incidents are perhaps the finest instances. This is what ia happening in India. However, in contrast to China , India has had a robust , indigenous financial system , which was upgraded into a modern banking system in the early 20th century. Furthermore , unlike China , India had clearly defined property rights , a well developed commercial law and a few skilled and educated entrepreneurial and professional class.. In contrast to China , India has had a robust , indigenous financial system , which was upgraded into a modern banking system in the early 20th century. Furthermore , unlike China , India had clearly defined property rights , a well developed commercial law and a few skilled and educated entrepreneurial and professional class.
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