Socialism or Free Markets? Consider Myanmar and Thailand – Forbes, October 17, 2012
In terms of land area and population Myanmar and Thailand are close in size, and in the 1960s both countries had similar rates of growth.
But in 1962 Myanmar’s General Ne Win led a coup d’état, establishing a nominally socialist military government that followed an economic policy of autarky. The country closed its doors to the world and expelled the Indians who had come with the British to help in the retail industry many decades before. Although Ne Win resigned in July 1988, the military junta remained firmly in control of the country.
During the same period Thailand experienced multiple army coups, but its leaders chose a different economic path. Thailand became a free-market economy, open to all investments from all countries, and it absorbed its Chinese immigrants, who had arrived during and after British rule. Today Thailand is one of Asia’s busiest manufacturing hubs…