The world has made great progress in eradicating extreme poverty (Thank you free enterprise)

It’s no coincidence that poverty has dropped as markets have been more allowed to breathe – at least historically and globally speaking. Yet the siren song of statism still calls to people who don’t know better.

If one is for lifting people from poverty one must also be for free enterprise. It is a system that empowers people to make more of their lives and which provides a path to life beyond a peasant existence.

Crony capitalism by the way short circuits free enterprise and is really almost a form of feudalism which severely limits the way out of poverty as the state is controlled for the benefit of the “rulers.”

(From The Economist)

Since then the number of people in absolute poverty has fallen by about 1bn and the number of non-poor people has gone up by roughly 4bn. By 2013, the most recent year for which reliable data exist, just 10.7% of the world’s population was poor (the modern yardstick for destitution is that a person consumes less than $1.90 a day at 2011 purchasing-power parity). Poverty has almost certainly retreated further since 2013: the World Bank’s finger-in-the-wind estimate for 2016 is 9.1%. Homi Kharas of the Brookings Institution, a think-tank, calculates that someone escapes extreme poverty every 1.2 seconds.

Click here for the article.

http://www.againstcronycapitalism.org/