How China Increased the Quality of Life of Average People

China fundamentally transformed the lives of average people by adopted policies that (1) encourage high levels of investment, (2) use antitrust law to enforce highly competitive markets, and (3) rapidly increase the real wages of average workers. Instead of a one-time shift to a market economy, China implemented these policies in a series of stages from 1979 until today. The end result is that the real standard of living of average people in China is now approaching that in the US.