And the bottom 50 percent are less poor than at any time in human history.
"In 1820, 94% of the world's population lived in extreme poverty. In 1990, 34.8%, and in 2015, just 9.6%." https://humanprogress.org/article.php?p=
In the past, travelling was difficult and often dangerous. Roads were rutted. Sailing was hazardous. Highwaymen and pirates were ubiquitous. Moreover, many people were not free to travel. Serfs and slaves could not journey without their masters’ permission
It is the poorest who benefit the most from secure property rights, loosened regulatory barriers, and greater trade liberalization. The poorest 10% of income earners in the freest nations make 7.9 times more than the poorest 10% in the least free nations.
Extreme poverty fell from 36% in 1990 to less than 10% today. It is fascinating that this progress takes place just as many in the West are starting to doubt free trade and global capitalism.
Capitalism is one the most cooperative of human endeavors. Repeated transactions among trading parties encourage trustworthiness - a moral side product of capitalism that we do not spend enough time talking about, let alone celebrating.
It is the poorest who benefit the most from secure property rights, loosened regulatory barriers, and greater trade liberalization. The poorest 10% of income earners in the freest nations make 7.9 times more than the poorest 10% in the least free nations.