China and Taiwan Economic Progress

In the latest episode of Planet Money, the series shifts focus from the pitfalls of capitalism to its remarkable successes, particularly in East Asia during the mid-twentieth century. Host Robert Smith, alongside producer Audrey Dilling, delves into a transformative period when countries like China, Japan, and Korea transitioned from poverty-stricken, rural economies to thriving nations. This shift occurred against a backdrop of recovery from devastating wars and civil strife. The episode highlights how these governments made strategic decisions that harnessed the power of individual incentives and free market forces. By implementing effective industrial policies, they were able to lift millions out of poverty and stimulate economic growth. The discussion raises critical questions about the timing of these changes and whether other nations can replicate this success. Listeners are invited to explore the factors that contributed to this economic resurgence, examining the interplay between government action and market dynamics. The episode aims to provide insights into the mechanisms that can lead to prosperity, contrasting sharply with the series' previous focus on capitalism's failures. Produced with meticulous attention to detail, the episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina. For those interested in further exploring these themes, the series encourages subscriptions to Planet Money+ for access to bonus content.