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Capitalist reforms and extreme poverty in China: unprecedented progress or income deflation?
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- Author(s): Sullivan, Dylan; Moatsos, Michail; Hickel, Jason
- Source:
New Political Economy; Feb2024, Vol. 29 Issue 1, p1-21, 21p- Subject Terms:
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- Additional Information
- Subject Terms:
- Subject Terms:
- Abstract: It is widely believed that China's socialist economy had relatively high rates of extreme poverty while the capitalist reforms of the 1980s and 1990s delivered rapid progress. This narrative relies on World Bank estimates of the share of people living on less than $1.90 a day (2011 PPP), which show a sharp decline from 88 per cent in 1981 to zero by 2018. However, the World Bank's poverty line has been critiqued for ignoring variations in the actual cost of meeting basic needs. In this paper we review data published by the OECD on the share of people unable to afford a subsistence basket. These estimates indicate that from 1981 to 1990, when most of China's socialist provisioning systems were still in place, the country's extreme poverty rate was on average only 5.6 per cent, substantially lower than in capitalist economies of comparable size and income at the time: 51 per cent in India, 36.5 per cent in Indonesia, and 29.5 per cent in Brazil. China's comparatively strong performance is corroborated by data on other social indicators. Moreover, extreme poverty in China increased during the capitalist reforms of the 1990s, reaching a peak of 68 per cent, as privatisation inflated the prices of essential goods and thus deflated the incomes of the working classes. These results indicate that socialist provisioning policies can be effective at preventing extreme poverty, while market reforms may threaten people's ability to meet basic needs. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of New Political Economy is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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