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<blockquote data-quote="rickyb" data-source="post: 3938728" data-attributes="member: 56035"><a href="https://twitter.com/profwolff" target="_blank"> Richard D. Wolff‏Verified account @profwolff</a>&nbsp; <a href="https://twitter.com/profwolff/status/1092488457371365376" target="_blank">9m9 minutes ago</a>Defenders of capitalism are wrong about global poverty. Research shows capitalism&#039;s last 300 years did not end extreme poverty. For the last 40 years it worsened global poverty (except for China). Capitalism&#039;s extreme inequality has no legitimate excuse.<a href="https://www.theguardian.com/commentisfree/2019/jan/29/bill-gates-davos-global-poverty-infographic-neoliberal" target="_blank">Bill Gates says poverty is decreasing. He couldn’t be more wrong | Jason Hickel</a>&quot;So what happens if we measure global poverty at the low end of this more realistic spectrum – $7.40 per day, to be extra conservative? Well, we see that the number of people living under this line has increased dramatically since measurements began in 1981, reaching some 4.2 billion people today. Suddenly the happy <a href="https://www.theguardian.com/business/davos" target="_blank">Davos</a> narrative melts away.This is a ringing indictment of our global economic system, which is failing the vast majority of humanity. Our world is richer than ever before, but virtually all of it is being captured by a small elite. <a href="http://wer.worldeconomicsassociation.org/papers/incrementum-ad-absurdum-global-growth-inequality-and-poverty-eradication-in-a-carbon-constrained-world/" target="_blank">Only 5% of all new income</a> from global growth trickles down to the poorest 60% – and yet they are the people who produce most of the food and goods that the world consumes, toiling away in those factories, plantations and mines to which they were condemned 200 years ago. It is madness – and no amount of mansplaining from billionaires will be adequate to justify it.&quot;</blockquote>

[QUOTE="rickyb, post: 3938728, member: 56035"] [URL='https://twitter.com/profwolff'] [B]Richard D. Wolff[/B]‏Verified account @[B]profwolff[/B][/URL] [URL='https://twitter.com/profwolff/status/1092488457371365376']9m9 minutes ago[/URL] Defenders of capitalism are wrong about global poverty. Research shows capitalism's last 300 years did not end extreme poverty. For the last 40 years it worsened global poverty (except for China). Capitalism's extreme inequality has no legitimate excuse. [URL='https://www.theguardian.com/commentisfree/2019/jan/29/bill-gates-davos-global-poverty-infographic-neoliberal']Bill Gates says poverty is decreasing. He couldn’t be more wrong | Jason Hickel[/URL] "So what happens if we measure global poverty at the low end of this more realistic spectrum – $7.40 per day, to be extra conservative? Well, we see that the number of people living under this line has increased dramatically since measurements began in 1981, reaching some 4.2 billion people today. Suddenly the happy [URL='https://www.theguardian.com/business/davos']Davos[/URL] narrative melts away. This is a ringing indictment of our global economic system, which is failing the vast majority of humanity. [B]Our world is richer than ever before, but virtually all of it is being captured by a small elite. [URL='http://wer.worldeconomicsassociation.org/papers/incrementum-ad-absurdum-global-growth-inequality-and-poverty-eradication-in-a-carbon-constrained-world/']Only 5% of all new income[/URL] from global growth trickles down to the poorest 60% [/B]– and yet they are the people who produce most of the food and goods that the world consumes, toiling away in those factories, plantations and mines to which they were condemned 200 years ago. It is madness – and no amount of mansplaining from billionaires will be adequate to justify it." [/QUOTE]

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