Ralph Benko

There’s an urban legend besetting the urbane that capitalism is a system of privilege designed for the Ebenezer Scrooges of the world. Not so. Capitalism works at least as well for us Bob Cratchits as it does for misers, probably better. Capitalism is the only proven mechanism by which the workers of the world may unite to lose their chains.

The big picture is set out in a recent article in the UK’s The Spectator, a magazine that bills itself, modestly yet with a sterling claim, as “the best-written and most entertaining magazine in the English language.” (Exception: apparently these blokes haven’t been reading Forbes but let us not quibble.) Its Why 2012 was the best year ever observes:

“It may not feel like it, but 2012 has been the greatest year in the history of the world. That sounds like an extravagant claim, but it is borne out by evidence. Never has there been less hunger, less disease or more prosperity. The West remains in the economic doldrums, but most developing countries are charging ahead, and people are being lifted out of poverty at the fastest rate ever recorded. The death toll inflicted by war and natural disasters is also mercifully low. We are living in a golden age.”

This world scoop lays out paragraph after paragraph of impressive evidence for its thesis. One of the most compelling points:

In 1990, the UN announced Millennium Development Goals, the first of which was to halve the number of people in extreme poverty by 2015. It emerged this year that the target was met in 2008. Yet the achievement did not merit an official announcement, presumably because it was not achieved by any government scheme but by the pace of global capitalism. Buying cheap plastic toys made in China really is helping to make poverty history. And global inequality? This, too, is lower now than any point in modern times. Globalisation means the world’s not just getting richer, but fairer too.

Ralph Benko

Ralph Benko, author of The Websters’ Dictionary: How to use the Web to transform the world. He serves as an advisor to and editor of the Lehrman Institute's thegoldstandardnow.org and senior advisor to the American Principles Project.