The Chinese were living in poverty, subsistence agriculture, in caves and so on. Real poverty, hundreds of millions of them. They worked their way out of poverty. And look at them now. How would it have worked if they'd known "we'll vote ourselves rich, we'll raise the minimum wage?" It's just so much better to use the Chinese way. They just soldiered through and worked their way out.
~ Charlie Munger, "Charles Munger Interview - Becoming Warren Buffett," 7:00 mark, HBO / Kunhardt Film Foundation, July 20, 2021
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