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The metric for extreme poverty usually refers to earning below $1.90 a day, accounting for inflation. It's great that more people are making more than that, but
by CrackerNews 7y ago
The metric for extreme poverty usually refers to earning below $1.90 a day, accounting for inflation. It's great that more people are making more than that, but I think a planned economy (at least initially) could serve them better.
The real advantage of a planned economy can be seen in the case of the USSR or China where they rapidly grew from a backwards agrarian feudal base into industrial powerhouses in the highest growth rates of the 20th century. As economist Richard Wolff says, they are the envy of the third world.
- snogaraleal 7y agoChina's "Great Leap Forward" starved 30 million people to death. So yeah a planned economy "can serve people better", if it doesn't kill them first...
- dredmorbius 7y agoAnd England's capitalism of the 1840s reduced Ireland's population by nearly half. There's a monotonous consistency in the ability of numerous political-economic organisation systems to produce extreme poverty and misery. Almost as if those were exogenous to those systems.