To the extent that the years between the end of World War II and today are a story of competing economic visions, the short version is this: Karl Marx was wrong, and Milton Friedman was right. Market-oriented reforms over the past several decades have cut severe poverty around the world by more than half. As late as 1980, more than 40% of the world’s population lived in severe poverty, according to World Bank figures. Now, that share is less than 10%. There is simply nothing else in the history of the material affairs of the world that can compare to that.
– Kevin Williamson
Brad Polumbo is a libertarian-conservative journalist, policy correspondent at the Foundation for Economic Education, and co-founder of Based Politics.
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