Ronald Reagan

The policy of Reaganomics was based on "supply side" economics (which is often criticized as the "trickle down" strategy) to build economic growth. President Ronald Reagan championed across-the-board tax reduction and cutbacks in spending for social programs such as job education and welfare. The intent of the tax cuts was to leave capital in the private sector where it could be re-invested, rather than being acquired and used by the federal government. The net increase in economic activity would eventually generate tax revenue to compensate for the cuts.

The reactions to this idea are almost always subjective. Many critics decry the reduction in taxes for the richest Americans, who showed significant gains in wealth and hence political power. Supporters of the concept say it is based on the principles of free enterprise, rather than inefficient government involvement through higher taxes, subsidies, and public spending. The support for Reaganomics was divided substantially along the lines of the two major political parties. And as with most governmental policies, it had mixed results for the US economy.

Deregulate industries(apex)
deregulate industry

The Chinese government had to reveal more about its internal and external economic policies in order to join the WTO. The Chinese government has never been open about its policies to the West, but membership in the WTO forced them to be.

(apex) A few decades ago, China would not allow outsiders to see what it was doing. It forced china to be less secretive.