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The USSR, much poorer than the United States, was by far the more seriously affected as the rigidities of its economic doctrine stood in the way of most forms of entrepreneurship and industrial innovation. Capital flight by elites is only part of a much larger story of income inequality between elites and citizens in China.
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At the same time full inclusion of microfinance institutions in the banking system - a task that requires a great deal of legislative work and, more importantly, the original institutional design of relevant organizations within the legal existing framework.10 The Emergence of the Patrimonial Middle Class Three questions will concern us in the remainder of this chapter. The combined base money supplies of the participants would constitute the global money supply, as it does today, and that money supply would be the reference point for determining the appropriate price for gold..