There has been no other system in human history that has lifted more people out of poverty than capitalism. Even in its bastardized form – crony capitalism – we are a lot better off than we were in the past. And, it isn’t just the West that is better off – it’s the entire planet.
According to the World Bank, the global poverty rate dipped below 10 percent in 2015, down from 11.2 percent in 2013.
What does this mean? Well, 735.9 million people lived below the poverty line in 2015, which is down by more than 69 million two years prior.
The report suggests that poverty fell in the entire world, except the Middle East and North Africa, two regions that are submerged in conflict and corruption.
Here are the poverty rates:
– Europe and Central Asia: 1.5 percent (1.6 percent in 2013)
– East Asia and the Pacific: 2.3 percent (3.6 percent in 2013)
– South Asia: 12.4 percent (16.2 percent in 2013)
– Sub-Saharan Africa: 41.1 percent (42.5 percent in 2013)
Even with the socialist strain inflicting people worldwide, capitalism will typically reign supreme because how else will these hippies afford their $40 trillion spending programs?
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