Cheng Tai-xie, an expert in Asian economies at the Booth School of Business, dives into the astonishing economic transformations of China and Taiwan from the 1950s onward. He discusses the critical role of government strategies that embraced free market principles and sparked incredible growth. The narrative highlights Taiwan's semiconductor renaissance and the transformative agricultural reforms in Xiaogang, illustrating how individual incentives can drive national prosperity. Can other nations replicate this success? Discover the essential lessons learned from this remarkable journey.