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Capitalism and democracy can unlock Africa’s great potential


April 2, 2015 Comments Off Views: 1781 Big Ideas

Study Shows Global Poverty At Its Lowest Rate In History, And It’s All Thanks To Capitalism

Capitalism gets a bad rap these days, often conjuring up images of greedy oil barons, sweatshop factories and polluted oceans, but a recent study shows exactly how much capitalism has helped the poorest of the world.

The study, conducted by Max Roser of the Institute for New Economic Thinking at Oxford University, shows that global poverty has declined dramatically over the last two centuries, with the sharpest declines coming just after industrialization began to take hold.

“In 1820 the vast majority of people lived in extreme poverty and only a tiny elite enjoyed higher standards of living,” Roser wrote in the report.

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