Vietnam

Here is one more example of the power of free market capitalism. After WW 2 Vietnam, like Korea, was a divided country with the communist controlling the North. At the end of the Vietnam War in 1976 the whole country was in shambles with the communist in control. The government then set up the typical five year plan where communist using central planning and the economy sputtered. This was followed by a second five year plan which also failed. The GDP in 1975 was $4 billion dollars and by 1985 had increased to $14 billion. In 1985 the government dissatisfied with the conditions opened the door to a free market society and the GDP exploded to $400 billion in 2020. During those years the poverty level dropped from 70% to 5% as 60 million people were lifted out of poverty. As China's unfair trade practices become known more and more companies are leaving China and going to Vietnam.