Posted By LambChop
Even liberal do-gooder Bono embraces the role of capitalism in improving the condition of life for the individual world citizen. Bono is speaking at Georgetown University - note the tear-stained Guy Fawkes masks as students realize what he is saying is actually true.
The connection between the economics of capitalism and morality cannot be ignored. Captialism requires honesty, productivity (work ethic), self-reliance and personal responsibility and intitiative in order for the system to work efficiently.
The truth of the matter is this: capitalism has provided more abundance for a greater number of people worldwide than any other economic system ever created by increasing life expectancy, giving us abundant nutrition, decreasing poverty, expanding literacy and education, and increasing available free time. The unintended consequences of capitalism are staggering:
- Throughout human history, life expectancy used to be between 20–30 years. By 2003 it was 66.8 years.. Not only are people living longer, they are also healthier in old age.
- From 1961 to 2002, the world average daily food supply per person increased by 24% (38% in developing nations). Access to safe water and sanitation has increased.
- From 1970 to the 2000s, global illiteracy rates dropped from 36 to 18 percent.
- Worldwide child labor (age 10-14) has decreased from 24.9 percent in 1960 to 10.5 percent in 2003.
- Total lifetime spent working for the average British worker declined from 50 to 20 percent of the total "disposable life hours" between 1856 and 1981 because of improved and cheaper lighting.
- At the turn of the century (1900) no country had universal suffrage and only 12.4% of the world's population had even limited suffrage. Today, 44.1% of the World's population live in free nations and another 18.6 percent in nations deemed partly free (from Freedom House).