Jan 29 2014

Remarkable achievement in human history!

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worldpovertyAccording to the  NATIONAL BUREAU OF ECONOMIC RESEARCH the world poverty rate fell by 80% from 26.8% in 1970 to 5.4% in 2006. According to Arthur Brooks, president of the American Enterprise Institute (AEI):

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 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.

Hans Rosling’s video illustrates this phenomenon with statistics:

 

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