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Old 11-21-2009, 09:51 PM   #1
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"The poor need capitalism"

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THE POOR NEED CAPITALISM
The Left's version of recent economic history boils down to one terrible fact: The distribution of income has gradually become more unequal. Within the United States, that fact is incontrovertible. It is not clear, however, that increased inequality has been bad, says economist Kevin A. Hassett.

Inequality is, after all, the foundation of a capitalist society. When individuals work hard, or innovate, they receive outsized rewards. When others see those rewards, they are motivated to work hard and innovate. As the lottery-ticket market has demonstrated, the bigger the prize, the bigger the motivation, explains Hassett.

A landmark new study by economists Maxim Pinkovskiy and Xavier Sala-i-Martin set out to study changes in the world distribution of income by gathering data from many different countries. As a byproduct of their work, they are able to count the number of individuals who live on $1 per day or less, a key measure of poverty. According to their calculations:

The number of people living in poverty so defined has plummeted, from 967,574,000 in 1970 to 350,436,000 in 2006, a decrease of a whopping 64 percent.
The biggest factor in the reduction was the emergence of middle classes in previously poverty stricken China and India.


Source: Kevin A. Hassett, "The Poor Need Capitalism," National Review, November 23, 2009; based upon: Maxim Pinkovskiy and Xavier Sala-i-Martin, "Parametric Estimations of the World Distribution of Income," National Bureau of Economic Research, Working Paper No. 15433, October 2009
THE POOR NEED CAPITALISM

Parametric Estimations of the World Distribution of Income
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Old 11-21-2009, 10:07 PM   #2
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Inequality is, after all, the foundation of a capitalist society. When individuals work hard, or innovate, they receive outsized rewards.
It sounds good in theory, doesn't it?
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Old 11-21-2009, 10:29 PM   #3
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but what about Goldman Sachs and their outrageous rewards detached from any sense of perspective or reality?
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Old 11-21-2009, 10:33 PM   #4
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but what about Goldman Sachs and their outrageous rewards detached from any sense of perspective or reality?
That is an example of oligarchical behaviour which should be combated by strong regulatory action to enforce already existing anti-trust legislation.

Essentially, break 'em up into tiny bits, if one of the bits gets too big, break it up again.
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Old 11-22-2009, 11:39 AM   #5
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I completely agree with this guy -- especially in the information age, as it allows people to be the most innovative, with the least investment in capital.
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Old 11-22-2009, 11:51 AM   #6
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If you take out China and India, and thereby about half of earth's population, you will see that for most of the world the situation has indeed worsened. The most negative factor for most countries is the false promises of free trade by the IMF and World Bank (and even worse, capital liberation), together with fierce protectionism by the West.
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Old 11-22-2009, 03:09 PM   #7
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Originally Posted by Vincent Vega View Post
If you take out China and India...
and Brazil, Argentina, Eastern Europe...?
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Old 11-22-2009, 04:32 PM   #8
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Originally Posted by financeguy View Post
That is an example of oligarchical behaviour which should be combated by strong regulatory action to enforce already existing anti-trust legislation.

Essentially, break 'em up into tiny bits, if one of the bits gets too big, break it up again.
Out of curiosity, what do you think of "ordoliberalism"?

Ordoliberalism - Wikipedia, the free encyclopedia
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Old 11-22-2009, 05:12 PM   #9
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and Brazil, Argentina, Eastern Europe...?
Guess the implications of the point I was trying to make weren't as apparent, but they lie within the greater complexity of economic development.
Brazil, Argentina and Eastern Europe, however, are great examples of how free trade and capitalism, imposed on countries with underdeveloped economies can do great harm to such countries and how the IMF's policy of credit are destroying rather than building thriving economies.
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Old 11-23-2009, 07:08 PM   #10
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I'm thankful that I can still sell my vegetables and honey by a roadside stand without government interference.

I hope we do not loose this freedom.
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Old 11-23-2009, 07:11 PM   #11
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How does that help the poor?
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Old 11-23-2009, 07:48 PM   #12
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How does that help the poor?

Who do you think I am, Donald Trump?

I'm selling turnip greens at 90 cents a pound.
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Old 11-23-2009, 10:31 PM   #13
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Who do you think I am, Donald Trump?

I'm selling turnip greens at 90 cents a pound.
You have a farm and internet, not exactly what I consider poor.
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Old 11-23-2009, 11:13 PM   #14
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Quote:
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That is an example of oligarchical behaviour which should be combated by strong regulatory action to enforce already existing anti-trust legislation.

Essentially, break 'em up into tiny bits, if one of the bits gets too big, break it up again.

Maybe "business ethics" could make a return and applied not only to top end wages but marketing, political lobbying, community interaction et cetera.
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Old 11-24-2009, 12:58 AM   #15
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Originally Posted by BVS View Post
You have a farm and internet, not exactly what I consider poor.
You don't necessarily need a large "farm" to grow produce. An acre or two of land, may be all that you have to do this.
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