Filed under: Capitalism, Developing Nations, Economy, Freedom | Tags: Arthur Brooks, Free Market Capitalism, Mark J. Perry
Here is a chart of one of the most remarkable achievements in human history: the 80% reduction in world poverty in only 36 years. In 1970, 26.5% of the world’s population were living on $1 or less (in 1987 dollars) to only 5.4% in 2006 — led by the 97% reduction in the poverty rate in East Asia (excluding Japan and Hong Kong) from 58.8% to 1.7% over that time period. (Mark Perry: AEI)
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 the free enterprise system, and you must defend it, not just for ourselves but for people around the world. It is the best anti-poverty measure ever invented.
(Arthur Brooks, President, AEI)
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