Forget about those charges against capitalism for a moment and consider the so-called "increase" in global poverty.
Research conducted by Dartmouth College economic professor, Douglas Irwin, indicates that from 1990 to 2011, the percentage of the world's population living in extreme poverty fell from 36% to 15%. That's 2+ decades of declining global poverty.
Talk about intentionally disinforming the sheeple!
Now back to capitalism, as Irwin attributes the drop in poverty over the past 25 years--the greatest drop in poverty in world history--to the fact that developing countries implemented business-friendly economic policies. To wit:
- In 1978, China began to allow private businesses and private agricultural plots. China also ended the state's monopoly over foreign trade. Today, Chinese workers earnmuch higher wages, with fewer of them living in poverty.
- In 1991, India ended its government licensing system requiring state approval not only for people to start new businesses but to expand existing ones and purchase foreign goods and parts. The outcome? A drop in poverty and a boost in wages.
- In the 1980s, Tanzania did away with price controls and other socialist politicies. The result? Major economic growth and increased wages.
Want greater social justice? Want to end global poverty? The solution is capitalism. Period. It works wherever it's tried.
Yet, the stormy petrels will continue to blare their siren song that capitalism exploits workers. Thank you, Karl Marx and your progeny in the nation's universities and mainstream media.
Irwin promotes Adam Smith's description of capitalism, namely, a "commercial society" in which all people can participate in free markets. The simple fact: The growth of Smith's commercial society across the globe has improved the lot of workers. In 1991, 811M workers earned less than $1.25./day. By, 2013, it was 375M workers, a decrease of ~54%.
Those are demonstrable improvements in the economic and social conditions of real human beings. Meanwhile, the stormy petrels want more time to demonstrate how their failed policies will work. Now there's an idea: Work...as in "job." Rather than using their UN pulpit to theorize about global poverty and what doesn't work economically speaking, how about actually working...as in getting a real job?
Let the discussion begin...
To read Dr. Irwin's study, click on the following link:
"The Ultimate Global Antipoverty Program."