Item — HN Reader

Bangladesh has done well, in difficult circumstances

Market reforms helped. But those reforms could not have happened unless the state did sensible things

Those same market reforms impoverished the entire middle class in New Zealand, where the state did not do sensible things (the reverse)

Markets are good at fully allocating resources, which feudalism and central planning is not. But they also concentrate wealth into the hands of very few (that is what wrecked New Zealand's middle class) and it takes deliberate government policy to avert that.

> Market reforms helped. But those reforms could not have happened unless the state did sensible things

The state did almost nothing sensible! Bangladesh’s government, and the culture of the people more generally, is one of the most dysfunctional in the whole world. We just overthrew our government again! The free market is just a hardy plant growing in inhospitable ground as long as you don’t completely strangle it.