Neocon media now openly admits that western capitalism is crumbling (www.telegraph.co.uk)

submitted 1 year ago by yogthos@lemmygrad.ml to c/genzedong@lemmygrad.ml

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[-] yogthos@lemmygrad.ml 21 points 1 year ago

I also love this bit

In the past 75 years, extreme poverty across the world has fallen from 90 per cent to 10 per cent. It has halved in the past 20 years alone.

The part they omit is that pretty much the only meaningful poverty reduction has been happening in China, while capitalism increased poverty

If we take just one country, China, out of the global poverty equation, then even under the $1.90 poverty standard we find that the extreme poverty headcount is the exact same as it was in 1981.

The $1.90/day (2011 PPP) line is not an adequate or in any way satisfactory level of consumption; it is explicitly an extreme measure. Some analysts suggest that around $7.40/day is the minimum necessary to achieve good nutrition and normal life expectancy, while others propose we use the US poverty line, which is $15.

[-] Tankiedesantski@hexbear.net 13 points 1 year ago

Yeah, and Capitalists will always claim China's poverty reduction success to be a success of capitalism because all poverty reduction is tautalogically product of capitalism.

[-] yogthos@lemmygrad.ml 9 points 1 year ago

I love to ask them why China is an outlier in this regard.

this post was submitted on 06 Nov 2023

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