As a side note, people like to talk about how capitalism has slashed inequality and lifted people out of poverty. However this is misleading. China alone lifted 700 millions people out of poverty.
Between 1960 and 2010, global Gini coefficient for the world goes down if you remove China from the numbers (i.e. everything the IMF and World Bank did only made things worse across the "developing countries").
>As a side note, people like to talk about how capitalism has slashed inequality and lifted people out of poverty. However this is misleading. China alone lifted 700 millions people out of poverty.
Those aren't really contradictory statements though. China lifted 700 million people out of poverty after the government opened up its centrally planned economy in 1978 and started trading with the free market. China calls themselves communist, but they act like a capitalist country in a lot of ways
Between 1960 and 2010, global Gini coefficient for the world goes down if you remove China from the numbers (i.e. everything the IMF and World Bank did only made things worse across the "developing countries").