80% of world poverty already eliminated in our lifetimes

Things really are getting better. We often feel the downside of globalization. This is one of the big upsides.

Good news kind of sneaks up on you. The problem that was impossible to solve just is overtaken by events. This happened recently to our energy crisis in the U.S.

The Economist ran an interesting article on the same subject a few months ago. Economic growth banishes poverty. Most of the reduction in poverty came from China and India. Those populations are so enormous that they carry lots of weight. They still are not free markets in the sense we use the term, but they relaxed the state controls and things got better. Economic reforms in China cut the poverty rate from 84% back in the bad old days to only 10% now. (Of course, we have to point out here that we are talking real poverty. By American standards, most Chinese still live in poverty.)

It seemed impossible a generation ago. Experts called for all sorts of radical redistribution and aid schemes. We didn't need those things. In fact, I bet if we had enacted all that we would be much worse off today. If aid worked, Tanzania would be richer than Singapore.

If we can keep growth going, we will eliminate absolute poverty within a few decades. Of course, we will redefine the problem by then. It would be a great world success if the world's poor could enjoy a standard of living similar to the U.S. poverty line. That might be a little farther down the road.

Looking for the roots of poverty is not always much use. Poverty was the way of all the world until a couple hundred years ago. Our ancestors from the dawn of history until that time lived in what today would be appalling poverty. Even the "rich" were poor by today's standards. Louis xiv had a beautiful palace with lots of servants, but he didn't enjoy the physical comfort that a lower middle class American can command today, not to mention his lack decent medical care or even an adequate toilet. He soaked up much of the wealth of one of the wealthiest countries in the world and still lived like shit. The question is not why some people are still poor, but why so many no longer are.

Posted by Christine & John at December 31, 2013 12:42 PM
Comment #375398

Can you imagine where we would be if the burning of Alexandria, the Dark Ages, and the Progressive movement wouldn’t have happened?

Posted by: Weary Willie at January 1, 2014 2:16 PM
Comment #375399

There is massive poverty around the globe I don’t think this even concludes anything in terms of say the river people of Thailand or the desert dweller in the near east. This is not extensive enough to conclude anything—dear friend try again.

Sorry fella’s I’m not impressed or buying it.

Posted by: simpleheaded at January 1, 2014 6:44 PM
Comment #375400


You are not impressed because you don’t think things through. But I figure you are like many in this world, maybe most. It is good you have people like me to be in charge of things.

Posted by: CJ at January 1, 2014 6:49 PM
Comment #375401

What did the kids of Dehli or the Gobi eat for dinner last night? The site you aforementioned looks like a bogus site—sorry, it’s probably a Republitista commie liasson.

Posted by: simpleheaded at January 1, 2014 6:51 PM
Comment #375402



Posted by: simpleheaded at January 1, 2014 6:56 PM
Comment #375403


Click on the link for the Economist. It is not a Republican site. The magazine endorsed Obama for president.

Do us both a favor and read it & maybe give it a little thought before you make comments.

Posted by: CJ at January 1, 2014 7:08 PM
Comment #375405
What did the kids of Dehli or the Gobi eat for dinner last night?

Please tell us, since you seem to know more than all of the people who work in this field…

Delhi is the largest commercial centre in northern India; it has an estimated net State Domestic Product (FY 2010) of INR1578.17 billion (US$24 billion) in nominal terms and ~INR6300 billion (US$96 billion) in PPP terms.[75] As of 2013, the per capita income of Delhi was Rs.210000, highest in India. GSDP in Delhi at the current prices for 2012-13 is estimated at Rs 3.66 lakh crore against Rs 3.11 lakh crore in 2011-12.[76] As per the Economic survey of Delhi (2005–2006), the tertiary sector contributes 70.95% of Delhi’s gross SDP followed by secondary and primary sectors, with 25.20% and 3.85% contributions respectively.[77] Delhi’s workforce constitutes 32.82% of the population, and increased by 52.52% between 1991 and 2001.[78] Delhi’s unemployment rate decreased from 12.57% in 1999–2000 to 4.63% in 2003.
Posted by: Rhinehold at January 2, 2014 6:38 AM
Comment #375406
Poverty in India declined to a record 22% in 2011-12, the Planning Commission disclosed on Tuesday. Over the last decade, poverty has witnessed a consistent decline with the levels dropping from 37.2% in 2004-05 to 29.8% in 2009-10.

The number of poor is now estimated at 269.3 million, of which 216.5 million reside in rural India

So, in Delhi it’s not too bad. In rural India, there are issues but where the jobs are and where the economy has been growing in Delhi, the poverty rate is much much lower.

Posted by: Rhinehold at January 2, 2014 6:42 AM
Comment #375638

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