November 3, 2014

hISTORY eNDS EVERYWHERE:

The Ultimate Global Antipoverty Program (DOUGLAS A. IRWIN, Nov. 2, 2014, WSJ)

The World Bank reported on Oct. 9 that the share of the world population living in extreme poverty had fallen to 15% in 2011 from 36% in 1990. Earlier this year, the International Labor Office reported that the number of workers in the world earning less than $1.25 a day has fallen to 375 million 2013 from 811 million in 1991.

Such stunning news seems to have escaped public notice, but it means something extraordinary: The past 25 years have witnessed the greatest reduction in global poverty in the history of the world.

To what should this be attributed? Official organizations noting the trend have tended to waffle, but let's be blunt: The credit goes to the spread of capitalism. Over the past few decades, developing countries have embraced economic-policy reforms that have cleared the way for private enterprise.

Posted by at November 3, 2014 5:37 PM
  

blog comments powered by Disqus
« AS AN ARCHETYPAL SWING STATE...: | Main | THE UR STUMBLES INTO ANOTHER VICTORY: »