Bard said: "The article argues that the common narrative that capitalism has led to a dramatic decline in global poverty is based on flawed data and methodology. The author points out that the data used to create the popular graph showing the decline in poverty rates does not adequately account for non-monetary forms of provisioning, such as subsistence farming and access to commons. The author also argues that the World Bank’s poverty line of $1.90 PPP per day is not an accurate measure of poverty, and that a more accurate measure, the Basic Needs Poverty Line, shows that poverty has actually increased in some countries in recent decades. Finally, the author argues that the graph starts in 1820, which excludes more than 300 years of relevant history during which poverty may have increased.
In short, the article challenges the popular narrative that capitalism has been a force for good in reducing global poverty. The author argues that the data used to support this narrative is flawed, and that a more accurate assessment of the impact of capitalism on poverty is needed."
Bard said: "The article argues that the common narrative that capitalism has led to a dramatic decline in global poverty is based on flawed data and methodology. The author points out that the data used to create the popular graph showing the decline in poverty rates does not adequately account for non-monetary forms of provisioning, such as subsistence farming and access to commons. The author also argues that the World Bank’s poverty line of $1.90 PPP per day is not an accurate measure of poverty, and that a more accurate measure, the Basic Needs Poverty Line, shows that poverty has actually increased in some countries in recent decades. Finally, the author argues that the graph starts in 1820, which excludes more than 300 years of relevant history during which poverty may have increased.
In short, the article challenges the popular narrative that capitalism has been a force for good in reducing global poverty. The author argues that the data used to support this narrative is flawed, and that a more accurate assessment of the impact of capitalism on poverty is needed."
tysm!