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Airs every Wednesday through Labor Day. Find All episodes of this season here. and Past Seasons. and Follow the video Summer School on TikTok.
We’ve spent a lot of time in this series discussing what’s wrong with capitalism—panics and busts, conspiracies and scams—so today we’re taking a look at times and places where capitalism has done amazing things. We’ll look back at a time when governments used free markets to make countries richer.
In the mid-20th century, China and its East Asian neighbors were poor, with mostly agricultural economies. China was devastated by a brutal civil war. Taiwan became home to people fleeing the civil war. Japan and South Korea rebuilt after the war. Then in the second half of the 20th century, they began to resurrect. Some clear choices by governments unleashed the power of individual incentives and free markets, lifting millions out of poverty. We focus specifically on China and Taiwan at that time, when they demonstrated a wave of economic development rarely seen in the world. Why did it happen? Why did it happen? Can other countries follow suit? We will try to find out.
We cover:
- Industrial Policy
- East Asian Miracle
The series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
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