Poverty is the default condition of humanity. It is the given. What needs explaining is wealth. And the greatest engine of wealth creation is the market. By raising productivity and lowering the price of goods, markets certainly help the rich, but they help the poor more. Capitalism’s most impressive achievement, Joseph Schumpeter noted, was not providing more silk stockings for the Queen, “but in bringing them within reach of factory girls.”
-Shikha Dalmia, as excerpted from this blog post
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