Interesting piece from AA, it essentially underscores the sheer magnitude of China's developmental achievement that many propagandized and uninformed Westerners often seek to trivialize ("oh, it's not miracle, just big population", etc.). It shows that the much lauded "global development" of the post-Cold War world order was actually a mirage with development primarily concentrating in East Asia:
As a matter of fact, since 80s there are basically only three growth miracles and all of them are located in East Asia - South Korea, China, Taiwan. China alone was responsible for the bulk of global poverty reduction that is often bragged by the WB and similar insitutions:
Meanwhile, the rest of the world has been moving to a different trajectory, including the "supapowa":
There was a bright spot in 00-15 which was fuelled by the commodity supercycle due to Chinese demand but as all resource-driven development cycles, it eventually ended in a bust:
The real golden age of the GLOBAL development was actually during the period from 1950 to 1980:
This period has ended with the death of the Bretton Woods system and introduction of the fiat dollar (Nixon shock), followed by oil shocks of the 70s. Those events led to rapidly rising inflation which culminated in the Volcker shock:
The Western ideological mantra of "liberalization = development" could not be further from truth - not only it did not help to the economies back on track, in many cases it resulted in the total governmental collapse:
I will stop there because of the character limit but it is only a half or so of the article, so recommend reading it when you have time.