This year marks the 300th anniversary of the birth of Adam Smith, author of The Wealth of Nations. At the time that book was published, capitalism was just beginning.
At that point in time, approximately 90% of the global population lived in extreme poverty. Approximately 20% of the English and French weren’t able to work at all due to malnutrition. They were reduced and condemned to begging. Fast forward to 1981, and the poverty rate (less than $1.90 a day) was about 43%. Another twenty years later, it had fallen to approximately 28%. And the very good news is that, today, it is less than 9%.
Yay for capitalism!
Carl B. Barney
June 20, 2023