Thursday, September 17, 2015

Donald J. Boudreaux: Pope Francis Misses The Sizable Moral Dimensions To Capitalism

Donald J. Boudreaux: Pope Francis Misses The Sizable Moral Dimensions To Capitalism:

Defending capitalism on practical grounds is easy: It is history's greatest force for raising the living standards of the masses. Prior to the Industrial Revolution, the average person lived on about $3 per day (reckoned in 2015 dollars), and each denizen of today's developing countries -- those places touched least by capitalism -- scrapes by on $7 per day. In contrast, the average person in today's market-oriented industrialized world lives on
via Investors.com