The Triumph Of Captitalism
"Poverty reduction of this magnitude is unparalleled in history: Never before have so many people been lifted out of poverty over such a brief period of time," write Brookings Institution researchers Laurence Chandy and Geoffrey Gertz.
Just as important as the extent of the improvement is the location: everywhere. In the past there has been improvement in a few countries or a continent. Not this time.
China has continued the rapid upward climb it began three decades ago. India, long a laggard, has shaken off its torpor. Latin America has made sharp inroads against poverty. "For the first time since 1981," says the World Bank, "we have seen less than half the population of sub-Saharan Africa living below $1.25 a day."
The start of most global trends is hard to pinpoint. This one, however, had its big bang in the early 1970s, in Chile. After a socialist government brought on economic chaos, the military seized power in a bloody coup and soon embarked on a program of drastic reform -- privatizing state enterprises, fighting inflation, opening up foreign trade and investment and unshackling markets.