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Institutions and Development

The Case Of China

From a liberal perspective, the goal of economic de velopment is not simply to maximize output but, rather, to increase freedom of choice. As Peter (Lord) Bauer wrote in Economic Analysis and Policy in Underdeveloped Countries, "I regard the extension of the range of choice, that is, an increase in the range of effective alternatives open to people, as the principle objective and criterion of economic development." Those countries that have liberalized trade-such as China and South Korea-have expanded individual choices and outperformed those that have clung to protectionism-such as Cuba and North Korea.

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