Sunday, 8 January 2017

Capitalism will save the world (if we let it)

We need to understand - and this isn't an argument for any variety of Brexit merely stating what will be - that global economic growth, driven for much of the great boom fuelled by us stopping with the world war rubbish, won't be coming from Europe or the USA.
28 March 2012 was a big day for mankind, according to some statisticians. It was the first day in modern history that developing countries were responsible for more than half of global GDP, up from 38 per cent 10 years earlier. This convergence makes sense. If people have freedom and access to knowledge, technology and capital, there is no reason why they shouldn’t be able to produce as much as people everywhere else. A country with a fifth of the world’s population should produce around a fifth of its wealth.
The success of global capitalism - of those greedy, rapacious business people exploiting stuff - is palpable. Levels of poverty - real grinding poverty, less than a couple of dollars a day - are now lower than at any time in human history. So my fellow capitalists, take a second out to pat yourselves on the back. Because it's not socialism, not the actions of government employees and not the decisions of politicians that has achieved this wonder. We did it, us capitalists. We got those poor people out of poverty. And left to our devices not only will the remaining 10% of really poor people be saved from that poverty but millions of others who are poor by our western standards will also clamber up onto that shining mountain that is our fabulous consumer society.

The jobs for us all is to stop the usual idiots - protectionists, socialists, Marxists, trade unions, aid workers, NGOs - from preventing capitalism from making all the world richer, happier and healthier. Let's do it.


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