Sunday, March 17, 2019

Capitalism is no more a success story

Jason Hickel, an anthropologist at the London School of Economics, explains in the four decades since 1981, there’s been no decline in global poverty, Hickel insists.

 On the contrary, he says if we use a more meaningful poverty measure — $7.40 U.S. a day, rather than the absurdly low $1.90 U.S. a day used by many observers — the number of people living in poverty has dramatically increased, to 4.2 billion today, more than half the world’s population.

Capitalism has resulted in vast numbers of people being forced to give up a self-supporting existence and ending up as impoverished labourers, often malnourished and housed in grim, toiletless shacks. Some 2.4 billion people lack a decent toilet, according to the World Health Organization.

Thomas Piketty in his epic 577-page treatise, Capital in the Twenty-First Century makes the case that capitalism leads to ever-increasing inequality.

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