From 1985 to 2015, China, Hungary, and Israel outperformed other cases of “actually existing socialism” in terms of real GDP per capita, income and wealth equality, education, infant mortality rates, and life expectancy. Not only did those three countries liberalize their economies over that period, but each moved closer toward the U.S. model of liberal market institutions than toward the Scandinavian welfare-state model.

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Other Independent Review articles by Ryan H. Murphy
    Fall 2018   Reply to Michael C. Munger
    Fall 2017   The Diseconomies of Do-It-Yourself
    Winter 2015   The Unconstrained Vision of Nassim Taleb