This is the Cato Daily Podcast for Friday, October 14th, 2016.

I'm Caleb Brown.

China's advanced toward free markets is still not well understood.

Ning Wong is a senior fellow at the Ronald Coast Institute and co-author with Coase of the book

How China Became Capitalist.

He says China's continued development will depend critically on freedom of association,

freedom of communication, and humility about the factors that create sustainable growth.

We spoke last week.

One of the great stories of the 20th century and the first part of the 21st century is that in countries like

China and India, I mean just in those two countries you have had hundreds of millions of people who have been

removed from the deepest depths of poverty.

And so many more people have moved into a thriving middle class

in those countries, earning good salaries,

able to support families and make investments.

What does that show the triumph of and what do people argue about when it comes to how that

happened obviously here at the Cato Institute and more generally on the

free market side we say well it's obviously markets yeah that's a great question. I think people here in the United States, I mean for good reasons,

you know, possessed with this, you know

debates between different political parties here

and forget the big picture which you just you know

refer to that hundreds of millions of people be able to rise up from poverty and this is

an ongoing story since we I mean people here have long past that stage of development, and we take everything,

...