Globalization is beating poverty

By Alex Singleton | 20 January 2005

From the San Francisco Cronicle:

It should come as heartening news that 2004 was one of the most prosperous years in history. Not because the U.S. economy grew by a solid 4.3 percent, but because developing countries experienced an explosive 6.1 percent economic growth.

According to a recent study by the World Bank, 2004's growth reflected "an expansion without precedent over the past 30 years." Equally encouraging, the report notes that "the rapid growth of developing economies... has produced a spectacular, if not historic, fall in poverty."

Excellent news indeed.

(Hat tip to Varnam.org.)