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on ever. Do Not Bet Against the House At around the time that America celebrated its Bicentennial, China reached a historic turning point. Chairman Mao passed away in September 1976, and a month later, the arrest of the Gang of Four marked the end of the decade-long Cultural Revolution. Deng Xiaoping
Page: HOUSE_OVERSIGHT_012084 →ntennial, China reached a historic turning point. Chairman Mao passed away in September 1976, and a month later,
Page: HOUSE_OVERSIGHT_012084 →poverty. Today, the Chinese economy is the largest in the world based on purchasing power parity. Interestingly, China’s rise had little to do with Adam Smith’s free-market capitalism. While China’s unprecedented economic ascension was indeed fueled by unleashing the energy and the profit-seeking self-interes
Page: HOUSE_OVERSIGHT_012084 →sevic, Pol Pot, Josef Stalin, Charles Taylor, and Mao Zedong. These men were responsible for the brutal
over 50 million people — a death toll that is at least four times higher than what Hitler caused during his reign, and comparable to that achieved by Mao Ze-Dong during his. As noted in chapter 1, chimpanzees kill at a rate that approximates many hunter-gatherer groups. When they kill, the frenzied attacks are
sire of being believed, or the desire of persuading, of leading and directing other people, seems to be one of the strongest of all of our desires. — Adam Smith In 1999, an investment officer in a management firm had a gut feeling that something was wrong in a corner of the securities market. Based on calcul
y which really ancient tradition is preserved and carried forward for new generations. After a few years of study, Nan saw the descending madness of Mao’s China and slipped out of the mainland for Taiwan. He lived for decades between Taipei and Hong Kong and America. During this time his fame as a tea
d. And the sum of all these interacting pieces made sustained economic growth into a reality for the first time in history. Ina “commercial society,” Adam Smith explained in The Wealth of Nations, “Every man lives by exchanging, or becomes in some measure a merchant.” Smith didn’t mean everyone was really a m
Entities connected to both Mao Zedong and Adam Smith

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Marc Rich
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