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date: 18 February 2020

Abstract and Keywords

This article examines why some countries remain poor while others are able to overcome poverty. It looks at some of the plausible causes of poverty and wealth, including culture, politics, economic statism, reliance on natural resources, reliance on foreign aid, and reliance on market-nurturing reform. The article considers some of the lessons that can be learned from China with respect to undertaking market-nurturing reforms. It also discusses four reasons that explain why more countries do not pursue a market-oriented strategy despite its manifest advantages: aversion to political risk, greed, laziness, and the enduring intellectual and ideological appeal of statism. Finally, it argues that countries that adopt good economic policies have the best chance of getting out of poverty.

Keywords: poverty, wealth, culture, politics, economic statism, natural resources, foreign aid, China, reforms, economic policies

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