The trouble is that characterization is not based upon fact, as income inequality is decreasing globally, according to Marian Tupy of the Cato Institute in a Washington Post article.
- In 1820, the United States was 190% wealthier than the rest of the world.
- In 1960, the United States was 410% wealthier than the rest of the world.
- In 1999, the United States was 480% wealtheir than the rest of the world.
Yes, indeed, that's income inequality! No doubt about it. "Guilty as charged."
However, that gap has narrowed markedly.
- In 1960, the United States was 1100% wealthier than Asia.
- In 2013, the United States was 480% wealthier than Asia even though US GDP was at an all-time high.
Much of this increase in Asian wealth is due to China's privatization reforms and trade liberalization which have increased China's GDP 1250% since 1980 and China's poverty rate from 84% to 10%.
The narrative is the same across the globe--consider the African continent and the Indian subcontinent--as incomes as well as life expectancies are rising dramatically because nations have increasingly adopted and adapted the principles of free market capitalism.
Don't believe this narrative?
Then study the Cato Institute's HumanProgress.org website which provides statistics and figures concerning all the progress that's being made globally--from greater access to food to the marked decline in poverty--as leaders of nations adopt and adapt the principles of free market capitalism for the benefit of their citizens.
Everywhere they're adopted and adapted, the principles of free market capitalism work.
Let the discussion begin...
To read Marian Tupy's article in the Washington Post, click on the following link: