February 7, 2017

NATIVISM IS THE WAR ON AFFLUENCE:

Confessions of a Catholic convert to capitalism (Arthur C. Brooks, Jan. 31st, 2017, America)

Today, more than two-thirds of Americans think global poverty has worsened over the past three decades.

This assumption and the attendant beliefs about capitalism hit a snag when I studied economics for the first time. In reality, I learned, humanity has starvation-level poverty on the run. Since 1970, the fraction of the global population that survives on one dollar or less a day (adjusted for inflation) has shrunk by 80 percent. Since 1990, the number of children who die before their fifth birthday has collapsed by more than 50 percent. Life expectancy and literacy rates have steadily climbed.

When faced with suffering, we often ask a conventional question: "Why are some people poor?" But grinding material poverty was the norm for the vast majority of people through the vast majority of human history. Our ancestors had no concept that mass poverty was an acute social problem that cried out for remedies. Deprivation was simply the background condition for everyone.

In just the last few hundred years, that all changed for a few billion people. So the right question today is: "Why did whole parts of the world cease to be poor for the first time in history?" And further: "What can we do to share this ahistorical prosperity with more people?" Economics taught me that two billion of my brothers and sisters had escaped poverty in my own lifetime. This was a modern-day miracle. I had to find its source.

My search for the "why" of this miracle required almost no detective work. Virtually all development economists, across the mainstream political spectrum, agreed on the core explanation. It was not the success of international organizations like the United Nations (as important as they are) nor benevolent foreign aid that pulled billions back from the brink of starvation. Rather, the responsibility lay with five interrelated forces that were in the midst of reshaping the worldwide economy: globalization, free trade, property rights, the rule of law and the culture of entrepreneurship. In short, it was the American free enterprise system, spreading around the world, that had effected this anti-poverty miracle.

Posted by at February 7, 2017 6:11 AM

  

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