25 Years of economic growth in China

Before the 1980s China had little concern about Economics. Why is that? In the language of New Market Economics, Economics is defined as a financial system structured to create wealth for participants in the economic system. As a Communist society China had little interest in money-making. Their interest was in achieving equality for all participants in society. This was a huge task that did not leave room for other societal pursuits. It was not until the early 1980s that China began to consider wealth-making strategies. No changes occurred until Chinese students left the mainland and pursued education in western countries. 

These students learned more outside the classroom, but inside the classroom they learned that there were two worlds in western society. The government world they knew from their own country and a private world that sprung from economic opportunity. This private world presented a new opportunity for a new class of people called entrepreneurs.

Rand McGreal was one of those westerns who explained and clarified the role of the private sector in the West. Today, Rand is the financial theorist who developed New Market Economics. A strong believer in the potential of Economics to restructure the world, Rand hopes to solve some of the persistent problems of economic insufficiency. He suggests beginning with a method to provide universal healthcare to all people from the richest to the poorest. This can be done by redefining some accounting rules and not through taxation and absolutely without government management.

Stay around to learn how all this is possible. Chinese officials were incredulous in 1984 when Rand told them they could be the richest country on the planet if they followed a few simple economic policies.