Sunday, May 15, 2016

China

China’s GDP ran about $1,000 per year per person after WW 2 up until 1980 and then it started to rise and by 1990 it was $2,000 and in 2000 it was $4,000. Over the next ten years is doubled once again to $8,000. While China maintained its communist government the economy was drastically changed in 1980. It opened the door to the free market economy and this resulted in the greatest migration of people out of poverty in the history of the world. Hundreds of millions of people who just a few years ago lived in areas with no electricity, no indoor plumbing and barely surviving on a few bowls of rice now live in areas where they have shelter and lights and food. There are still many who live in poverty but the overall change in the economy is mind boggling. The down side is the air pollution but the people will gladly make that deal.

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