Why is it that some countries, like China for instance, have been able to grow both its economy and middle class, while many others have not?
Before COVID, business in Beijing was booming. Dercon says one of the reasons state-led development in China has been so successful is because the country had a strong state to begin with.
But the countries that make the gamble are convinced that in the long run, the benefits are worth the deep commitment, including some of the pain it takes, to be successful in growth and development. And if they're willing to learn and adapt from mistakes, they will be successful.
Bangladesh, for example, is a highly corrupt country. It has a weak state, and the politics are very unstable. But I think Bangladesh, while still in its early days of growth and development, has done remarkably well, especially for a country that was written off as a"basket case" by [former U.S. Secretary of State] Henry Kissinger in 1972.
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