Today’s march on poverty – with church leaders at the front; Gordon Brown giving the sermon – overlooks an important point. Thanks to global capitalism, we are living in a golden age of poverty reduction: never in human history has the West’s wealth been shared more quickly with the developing world, and to such incredible effect. According to the World Bank, the number in extreme poverty has dropped from 40% in 1981 to 21% in 2001. Poverty has fallen most where capitalism has done best. That is why the bulk of the drop in world poverty is done by India and China. “China prices” mean cheap goods for us – but in China it means 400 million fewer people in poverty, according to the World Bank.
Brown occasionally calls for a Marshall Plan for Africa. But the aid poured into the continent has amounted to about a dozen Marshall Plans over the last few decades – without free trade and with continued bad governance, it doesn’t do any good.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in