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Dan Romero
@dwr
Explain this chart in one word.
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Jonny Mack
@nonlinear.eth
capitalism
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Dan Romero
@dwr
winner winner chicken dinner
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Thomas
@aviationdoctor.eth
China accounted for 75% of the global reduction in poverty, by lifting 800M people from below the poverty line in the last 40 years. We canāt point to China as a shining beacon of capitalismā¦ it was primarily due to productivity gains in the agricultural sector, which raised the income per unit of labor; 1/3
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Jonny Mack
@nonlinear.eth
what made the productivity gains in the agricultural sector possible?
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Thomas
@aviationdoctor.eth
Land reforms to incentivize better use of the land, the ability to sell surplus over quotas, subsidies, mechanization, irrigation, better research into farming practices.
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Jonny Mack
@nonlinear.eth
this gets the causal arrow backwards. market forces incentivize increased utilization of resources. mechanization, irrigation, and research all downstream of the profit motive (capitalism)
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Thomas
@aviationdoctor.eth
Iād never heard of the economic reforms started under Li Xiannian painted as ācapitalismā š Which, but the way, is much more than just a profit motive (hint: itās in the name!). But weāre in a US-dominated e/acc channel, so Iāll end with this meme
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Jonny Mack
@nonlinear.eth
š«”
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