this post was submitted on 09 Apr 2024
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Yes, China and Russia had rapid advancements in reducing poverty by embracing capitalism market principles. That's partly the point.
Nobody is advocating for pure capitalism. No country practices it. It's theoretical and has no restrictions, or regulations.
No, they didn't advance by adopting capitalism market principles. They advanced by adopting state capitalism, which is actually defined by lack of a market. They had a planned economy instead, and they advanced faster than the US because markets are inefficient. China has a planned economy with markets, but highly regulated and non based on competition like a traditional capitalist style market.