#10: Over 1 Billion Saved
Almost one billion people have been lifted out of extreme poverty in recent decades, thanks to capitalism. Between the years 1990 and 2010, the extreme poor have had their numbers fall by half as a share of total population in developing countries, that’s almost 1 billion people by 2010, and is likely over a billion by now.
How did this happen?
Poverty rates started to collapse because developing country growth accelerated. From 1960-2000 average growth was 4.3%, and from 2000-10, it was 6%. The Economist estimates that about two-thirds of poverty reduction comes from economic growth.
That’s capitalism for you!