Bono: 'Capitalism Takes More People Out of Poverty Than Aid'

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U2 frontman Bono, who is also an investor, philanthropist, and Christian told students at Georgetown University that real economic growth, not government aid, is what lifts people and countries out of poverty long-term, emphasizing that "entrepreneurial capitalism" is the key to prosperity.

Who doesn't know that?

Ricter? Ricter? Ricter?
 
Arnie said:
U2 frontman Bono, who is also an investor, philanthropist, and Christian told students at Georgetown University that real economic growth, not government aid, is what lifts people and countries out of poverty long-term, emphasizing that "entrepreneurial capitalism" is the key to prosperity.

Who doesn't know that?

Ricter? Ricter? Ricter?
More...
I guess one could, very loosely, call democracy and civil rights "government aid".
: )
 
Ricter said:
I guess one could, very loosely, call democracy and civil rights "government aid".
: )
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"Democracy"(majority rule etc) and civil rights(positive rights) = government aid. Democracy(rule of the people) and civil rights(negative rights) = capitalism.
 
Arnie said:
U2 frontman Bono, who is also an investor, philanthropist, and Christian told students at Georgetown University that real economic growth, not government aid, is what lifts people and countries out of poverty long-term, emphasizing that "entrepreneurial capitalism" is the key to prosperity.
More...

Not if the bulk of those benefits are funneled to the wealthy (though what his being Christian has to do with anything is a puzzle).

You'd've loved the Golden Age.
 
it's the old trickle down theory
obviously, you can't help the poor if you kill the goose that lays the golden eggs they need to be helped with

but perhaps a more balance approach would be better

pro business pro growth
pro middle class

the poor? like the man said, "You will always have them with you."
 
Thanks to capitalism, global poverty is at its lowest rate in history
http://www.washingtonexaminer.com/a...e-in-history/article/2562224?custom_click=rss

The history of capitalism, as portrayed in academia and among much of the media, is a sad story. It's one of smokestacks, sweatshops, child labor, robber barons, social stratification and general exploitation of workers.

But this amazing chart, put together by Max Roser, a fellow at the Institute for New Economic Thinking at Oxford University's Martin School, tells a much different story — one of industrialization being associated with a rapid decline in poverty.

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In 1820, according to data compiled by Roser*, the share of the global population living in poverty was 94 percent while 84 percent lived in "extreme" poverty. By 1992, the poverty rate had dropped to 51 percent, while the "extreme" poverty rate had dropped to 24 percent. Using a different measure of international poverty, the rate has dropped from 53 percent in 1981 to 17 percent in 2011 – representing the most rapid reduction in poverty in world history.

"In the past only a small elite lived a life without poverty," Roser explains. "Since the onset of industriali[z]ation – and as a consequence of this, economic growth — the share of people living in poverty started decreasing and kept on falling ever since."

This chart is one of many fascinating visualizations on Roser's site Our World in Data, which I highly recommend checking out.
 
??? isn't capitalism just common sense?
It takes about fifteen minutes to explain to a kid how capitalism works. If it costs you $1 to make a pitcher of lemonade and you can sell 4 glasses for 50 cents you can double your money.

It takes 6 years of college and a phd to understand modern monetary policy. The gist of which is that we can create as much money as we need, the only constraint being inflation.
 
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