The Biz Bucks Blog provides former Biz Bucks students and other busy professionals with a summary and commentary of seminal articles from the opinion pages of the Wall Street Journal. You can be notified of a new posting by subscribing to the blog (enter email in box on right) or by following on Twitter: @BizBucksGuy.

Time To Get a Brain, Young People November 17, 2014 10:00 AM

WSJ 11/3/2014 Page A13: “The Ultimate Global Antipoverty Program” by Douglas A. Irwin

Irwin, an econ prof at Dartmouth, writes about the world wide reduction of poverty for the past quarter century.  The world population living in poverty has fallen from 36% in 1990 to 15% in 2011. This is the greatest reduction in poverty in the history of the world. Why has this great blessing occurred?  Simple. The spread of capitalism world-wide.

Mostly because of reforms in India and China, but also the beginning of reforms in Africa, markets have developed that allow people to make their way out of the economic wasteland. Such capitalistic reforms have overcome centuries of ineffective government interventions, from well-meaning socialist programs to outright corrupt practices.

Nonetheless, a 2011 Pew Research survey of millennials (18-29) showed more young Americans view socialism in a positive light and capitalism in a negative light. To the contrary, the survey shows only 13% of those over 65 think favorably of socialism.

This give support to an old maxim, “If you are 20 and not a liberal, you have no heart. If you are 50 and not a conservative, you have no brain.”

The Biz Bucks Guy believes that capitalism is the worst economic system ever invented, except for all the rest. No economic system yet devised has done more to raise the well-being of the common person than capitalism.

[Although opinion is included, The Biz Bucks Blog is primarily written to former students of Biz Bucks training courses to encourage their daily reading of the three opinion pages of the WSJ. This refreshes principles of Biz Bucks courses and improves business acumen on topics not discussed in Biz Bucks training.]

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