Saturday, August 27, 2011

Banaian on Friedman

An excerpt from professor King Banaian's speech celebrating the birthday of Milton Friedman:

Think a moment, please, about the following fact. In Asia and in particular in China and India, a middle class is developing that rivals in size and significance the first middle class formation of Europe in the early 19th Century. There are now more members of the bourgeoisie that call Asia home than they do America and Europe combined. 57% of the world now lives with middle class incomes, compared to only 1/3rd in 1980.7 For whom should they thank? Who should China thank for the decline in poverty there: the World Bank and the IMF? Or Wal-Mart?8

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