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RE: The Wealth of a Nation: Why Capitalism Works

in #liberty • 8 years ago

Found it: http://www.worldbank.org/en/news/press-release/2015/10/04/world-bank-forecasts-global-poverty-to-fall-below-10-for-first-time-major-hurdles-remain-in-goal-to-end-poverty-by-2030

200 million out of extreme poverty over three years because of globalization and free trade comes to that number.

Although this number gets me to 182,000 per day, it's still the same ballpark.

8 years ago in #liberty by
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     8 years ago (edited) 

    Hey Rick!

    Appreciate you getting back to me.
    One thing though:

    Jim Yong Kim, World Bank Group President, said that the continued major reductions in poverty were due to strong growth rates in developing countries in recent years, investments in people’s education, health, and social safety nets that helped keep people from falling back into poverty.

    I'm still not convinced that this is entirely, or even mostly due to free trade and globalization. While outward looking policies for sure greatly contribute to that number, isn't it possible that inward looking policies may as well? Jim Yong Kim actually never mentions trade or tourism, and reinvested funds in education, health, and social safety have kept poverty at bay.

    Regardless of what the actual number coming from free trade is, as you mentioned in this blog or a previous one, free trade is not a zero-sum game: both sides gain something more valuable to them and win, and it increases wealth. It's beautiful to see concrete proof that poverty is decreasing so quickly.

    Look forward to reading your latest article tomorrow, keep up the good work!