For the first time in human history, less than 10% of the world’s population is living in “extreme poverty.” The information was just made known after a study conducted by the World Bank was recently released. Using a poverty line of about $1.90 US Dollars a day, the World Bank figures that global poverty now sits around 9.8%, which is stirring hopes that we might actually be able to eliminate extreme poverty at some point in the future.
The President of the World Bank, Jim Yong Kim, was jubilant as he explained exactly what the new numbers mean, “This is the best story in the world today — these projections show us that we are the first generation in human history that can end extreme poverty.”
More from the Washington Post:
Despite the rising population all around the world, there are less than half the number of people living in extreme poverty in 2015 than there were in 1990…
The World Bank stresses that its new forecasts show that factors such as strong growth in developing countries and investments in people’s education, health and social safety have had a big effect on global poverty rates. “This new forecast of poverty falling into the single digits should give us new momentum and help us focus even more clearly on the most effective strategies to end extreme poverty,” Kim said.
But the bank also noted that despite considerable improvement, poverty remained a serious problem in Sub-Saharan Africa and South Asia. The situation in those regions is a remarkable contrast to East Asia, where levels of extreme poverty are predicted to drop from more than 60 percent to 4.1 percent in 2015.
This continues a trend that our planet has seen growing and spreading over the last 200 years or so. Capitalism is truly a tide that raises all boats. Over the last few years the greatest spike in improvement (in terms of eradicating extreme poverty) has happened in communist China, where the government is still communist but where capitalism has been turned loose on the economy. In fact, if we track the use and spread of capitalism across the planet, what we find is consistent and pervasive economic growth and prosperity.
Our liberal opponents may love to demagogue capitalism as a corrupt economic system that is driven by avarice, but it is that “greed” that drives an economic engine that eases suffering and produces prosperity.
So, thanks again capitalism for just being so darned awesome.