/biz/ - Business & Finance

>>17722976
>Central planning always fails.

Markets have reduced living standards pretty much everywhere they were introduced, In Russia the introduction of market economy have resulted in 12 million excess deaths compared to the previous communist system. It cause a economic gap where they needed 16 years just to recover and return to Soviet era levels of economic development. The only thing that's worse than introducing market economy is having a big war rampage through your country What does improve living standards was/is industrial machinery and cheap mass-production and construction, but that's a result of technology, that isn't tied to markets specifically.

If you compare China and India, where both have market economies, but China has much higher state involvement in the economy, you can see that this is likely the cause for the higher living standards and higher rate of improvement. Even if you compare the western countries, when social democracy had higher state involvement with the economy, the living standards were rising, while with neo-liberal market economy the living standards of people are declining again.