If You Hate Poverty, You Should Love Capitalism

Arthur Brooks, president of the American Enterprise Institute. YouTube video by PragerU.
Since 1970, the percentage of humanity living in extreme poverty has fallen 80 percent. How did that happen? Remarkable transformation. Billions of souls around the world were able to come out of poverty, thanks to 5 innovations:

Arthur notes capitalism is struggling to attract new followers. Some believe it is destined to fade away just as it has in much of Europe.
According to Harvard University study, only 42% of young Americans aged between 18-29 years have a favourable view of capitalism. Why does capitalism get such a bad rap?
Answer is simple: the defenders of free enterprise have done a bad job of telling people how much capitalism has done. It’s like a state trade secret.
According to a 2013 survey, 84% of Americans are unaware of the progress made against poverty worldwide.
This ignorance has consequences because there is no substitute for capitalism and its five innovations that make it work.
No other system comes close to capitalism. Not socialism, not communism. More capitalism, more growth.

The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.

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