It is always nice to find a pleasant surprise in the news.

Over the last 40 years, there has been a dramatic decline in extreme poverty, all over the world.

This article describes the changes and speculates on the causes. I will add my own opinion.

This improvement was not because of good government policy, but in spite of it. It was despite wars, suppression, and economic mismanagement. This success has been because of free markets and individual initiative. Everywhere that allowed foreign capital in, and products out enjoyed dramatic economic success. Countries like China have allowed private property and enterprise, and the result has been stunning. Relaxation of crippling “regulation” in India has yielded similar success.

Everywhere that has embraced free markets and a stable Rule of Law has enjoyed a healthy growth rate and their incomes have steadily risen.

Freedom isn’t just a good idea, it’s profitable.