China’s Capitalist Reforms Are Said to Have Moved 800 Million Out of Extreme Poverty – New Data Suggests the Opposite
It has become an article of faith among many economists that China’s pro-market reforms of the 1980s and 1990s ushered in a sustained reduction in poverty.
This narrative relies on figures from the World Bank, showing that over the past 40 years the number of people in China living in “extreme poverty” (less than US$1.90 per day) fell by almost 800 million.
Photo courtesy of Rita Willaert.
Source: The Conversation (link opens in a new window)
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