Capitalism: This chart shows what Bono is talking about

[Valin]

AEIdeas:

James Pethokoukis

August 13, 2013

 

 

 

 

Lots of attention being paid to this quote from U2′s Bono:

 

Aid is just a stopgap, he said. Commerce [and] entrepreneurial capitalism take more people out of poverty than aid. We need Africa to become an economic powerhouse.

 

The above chart is from Gapminder and shows Chinas per capita income growth since 1800 vs. that of the US and the UK. What happened to China toward the end of the 20th century? Well, it started doing what America and Britain began doing some 200 years earlier. China started embracing what Bono calls entrepreneurial capitalism.....(Snip)

 

http://youtu.be/LDEjz3cXEJE