Tea Party of Scottsdale, AZ
Our mission is to attract, educate, organize, and mobilize our fellow citizens to secure public policy consistent with our three core values: Personal Freedom, Economic Freedom and a Debt-Free Future


 

 

Capitalism Brought World Wide Poverty Down, by Baron Benham

Let me start off with the most amazing good news you never heard, then share with you some worrisome economic and stock market information you may not know and follow up with more good news at the end.
 

 

The chart above could perhaps qualify as the “chart of the century”because it illustrates one of the most remarkable achievements in human history: the 80% reduction in world poverty in only 36 years, from 26.8% of the world’s population living on $1 or less (in 1987 dollars) in 1970 to only 5.4% in 2006. (Source: The 2009 NBER working paper “Parametric Estimations of the World Distribution of Income,” by economists Maxim Pinkovskiy (MIT) and Xavier Sala-i-Martin (Columbia University).
 


What accounts for this great achievement that you never hear about? AEI president Arthur Brooks explains in this video, summarized here:

It turns out that between 1970 and 2010 the worst poverty in the world – people who live on one dollar a day or less – that has decreased by 80 percent (see chart above). You never hear about that.

It’s the greatest achievement in human history, and you never hear about it.

80 percent of the world’s worst poverty has been eradicated in less than 40 years. That has never, ever happened before.

So what did that? What accounts for that? United Nations? US foreign aid? The International Monetary Fund? Central planning? No.

It was globalization, free trade, the boom in international entrepreneurship. In short, it was the free enterprise system, American style, which is our gift to the world.

I will state, assert and defend the statement that if you love the poor, if you are a good Samaritan, you must stand for free enterprise.
 

 

Do you like this post?

Showing 3 reactions


@TPScottsdale tweeted link to this page. 2014-04-24 18:53:11 -0600
posted about this on Facebook 2014-04-24 18:53:11 -0600
Capitalism Brought World Wide Poverty Down by Baron Benham
published this page in The Lighter Side 2014-04-24 18:52:30 -0600