As we noted yesterday, rock star Bono is now preaching the good of capitalism in alleviating poverty. James Pethokoukis at AEI illustrates exactly what happened in China when the power of entrepreneurial capitalism was unleashed.

china

Bono spoke on the topic of capitalism and poverty at the 2012 Global Social Enterprise Event at Georgetown University:


  • http://www.stephendekuyper.com/ Stephen DeKuyper

    I lived in China from 1996 until 2010 and I can personally attest that capitalism and the (free) market did more to develop China during that time than any government policy (which were really just responding to the economic development) or aid could ever have done. Having said that, I also noticed that it can also bring out the ugliness in a lot of people. Without the proper moral foundations, which we often assume in the west, things can go awefully wrong.

    • RogerMcKinney

      Keep in mind that capitalism requires the rule of law and the punishment of theft, fraud, etc. It seems that countries like China that free markets tend to be too corrupt to provide the rule of law. rdmckinney@blogspot.com

  • RogerMcKinney

    The World Bank and anyone who actually cares about the poor has acknowledged this. China should be considered an economic miracle. Studying China’s development should be required for all econ majors. rdmckinney@blogspot.com