Can we learn a lesson from China?
"Freedom Frees the Poor"
"...it should not surprise us to hear that when governments from South Africa to China turned from wealth redistribution to private wealth creation through private property, free markets, and free trade, productivity replaced extreme poverty at stunning rates," Dr. David Innes recently wrote for WorldMag.com.
Dr. Innes found that developing nations have been marching out of poverty at a heightened pace since 1990. Despite the growth-retarding effects of international aid, "global extreme poverty fell by half from 43 percent of total population in developing nations to 21 percent." In China, a newly liberalized economy has led to a reduction in "extreme" poverty from 84% to just 10% of the country's population.
So have these effects caught the attention of American policymakers? The answer is no, according to Dr. Innes. Where America used to teach the world that "the rising tide of freedom-fueled prosperity lifts all boats," we are now silent. Although President Obama campaigned on helping the "sluggish economy and those suffering from it," Dr. Innes says that our economy is still stumbling and sputtering.
Read more about Dr. Innes's conclusions on WorldMag.com.
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