If You Hate Poverty, You Should Love Capitalism

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PragerU

Non-profit, Self-improvement, Education, Business, History

4.7 • 6.8K Ratings

🗓️ 11 January 2019

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did you know that since 1970, the percentage of humanity living in extreme poverty has fallen 80 percent? How did that happen? Arthur Brooks, president of the American Enterprise Institute, explains.

Transcript

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0:00.0	The next time you hear someone complain about capitalism, consider this.
0:05.0	The percentage of people living at starvation level poverty has fallen 80% since 1970.
0:12.0	Before then, more than one in four people around the world were living on a dollar a day or less.
0:17.2	Today, it's about one in twenty.
0:20.0	This is the greatest anti-poverty achievement in world history.
0:24.8	So how did this remarkable transformation come to pass?
0:28.9	Was it the fabulous success of the United Nations, the generosity of US-48,
0:34.4	the brilliant policies of the International Monetary Fund and World Bank, stimulus spending,
0:40.2	the government redistribution?
0:42.5	No, it was none of those things.
0:45.8	It was capitalism.
0:48.0	Billions of souls around the world have been able to pull themselves out of poverty thanks to
0:53.0	five incredible innovations.
0:55.0	Globalization, free trade, property rights, the rule of law, and entrepreneurship.
1:02.8	Globalization means the ever-increasing ability to move goods, people, and ideas from one
1:08.4	distant location to another.
1:10.8	Free trade is open access to markets and people from all over the world with few, if any, barriers.
1:17.1	Property rights is ensuring that what belongs to you can't be taken away on a whim by the state.
1:22.6	The rule of law safeguards contracts, assuring that they will be respected and lived up to whether
1:27.5	the deal is made in Peru or Poland.
1:30.8	An entrepreneurship is the creativity of free people to dream up new products that we never knew we
1:36.0	wanted or needed.
	...

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