Capitalism is truly a wonderful thing. This economic system is empowers the individual and limits government control over economies, which draws criticism and derision from the Left. They like to claim that capitalism is greed and they use that populist sentiment to push more state control and regulations.
But what the Left won’t admit is that capitalism is saving lives and reducing poverty in countries where free trade and market liberalization are being enacted. An editorial in the most recent issue of The Economist outlines the successes of capitalism:
The world’s achievement in the field of poverty reduction is, by almost any measure, impressive. Although many of the original Millennium Development Goals (MDGs) —such as cutting maternal mortality by three-quarters and child mortality by two-thirds—will not be met, the aim of halving global poverty between 1990 and 2015 was achieved five years early.
The MDGs may have helped marginally, by creating a yardstick for measuring progress, and by focusing minds on the evil of poverty. Most of the credit, however, must go to capitalism and free trade, for they enable economies to grow—and it was growth, principally, that has eased destitution.