I gave a more detailed answer here https://lemmy.ml/post/372982/comment/232381

And of course, we can look at the tangible results of the systems in Cuba, China, and Vietnam where quality of life continues to improve and poverty is being eliminated. I’ll give a few examples from China here.

Chinese government practically eliminated poverty

If we take just one country, China, out of the global poverty equation, then even under the $1.90 poverty standard we find that the extreme poverty headcount is the exact same as it was in 1981.

The $1.90/day (2011 PPP) line is not an adequate or in any way satisfactory level of consumption; it is explicitly an extreme measure. Some analysts suggest that around $7.40/day is the minimum necessary to achieve good nutrition and normal life expectancy, while others propose we use the US poverty line, which is $15.

China also massively invests in infrastructure having used more concrete in 3 years than US in all of 20th century, they built 27,000km of high speed rail in a decade.

90% of families in the country own their home, giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans.

Real wage (i.e. the wage adjusted for the prices you pay) has gone up 4x in the past 25 years, more than any other country. This is staggering considering it’s the most populous country on the planet. NYT also points out social mobility is higher in China than in US.

And then there’s the handling of the pandemic where it’s all but eliminated in China with life getting back to normal and the economy growing, while we anxiously look at our fourth wave where our government left people out to dry to protect business interests.