World

What the Rest Really Should Learn From the West

In “Free to Choose,” Milton and Rose Friedman first posed the binary of private markets versus state intervention, which would come to underpin World Bank and International Monetary Fund reports, policies and prescriptions for the next two decades. According to the Friedmans, places such as Japan, South Korea, Taiwan, Hong Kong and Singapore had succeeded due to their reliance on “private markets.” India, China and Indonesia had stagnated after “relying heavily on central planning.”

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