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CAPITALISM IS AWFUL

"There is a lot more poverty in the world than previously thought. The World Bank reported in August that in 2005, there were 1.4 billion people living below the poverty line — that is, living on less than $1.25 a day. That is more than a quarter of the developing world’s population and 430 million more people living in extreme poverty than previously estimated. The World Bank warned that the number is unlikely to drop below one billion before 2015. The poverty estimate soared after a careful study of the prices people in developing countries pay for goods and services revealed that the World Bank had been grossly underestimating the cost of living in the poorest nations for decades. As a result, it was grossly overestimating the ability of people to buy things. And the new research doesn’t account for the soaring prices of energy and food in the past two years." (New York Times, 2 September) RD

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