The Capitalist Manifesto

Imagine a world where more than four out of every ten people lived in extreme poverty, struggling daily to meet their most basic needs. This was the reality just a few decades ago. Since 1990, however, the world has witnessed an extraordinary transformation. Today, fewer than one in ten people live in extreme poverty, a remarkable achievement that has quietly reshaped human existence on a global scale. This is not merely a statistic but a testament to the power of economic freedom and capitalism to uplift lives.

In this journey, we see the ripple effects of prosperity: global life expectancy has soared from 64 to nearly 73 years, fueled by better access to healthcare, nutrition, and sanitation. Child mortality rates have more than halved, saving millions of young lives each year. These improvements are not confined to a single region but span continents, cultures, and political systems.

Consider the story of the East Asian tigers—Hong Kong, Singapore, Taiwan, and South Korea—who embraced open markets and liberalized their economies. Their rapid rise from poverty to prosperity stunned the world and challenged old assumptions about development. Meanwhile, China and India, once seen as economic backwaters, embarked on reforms that unleashed the creativity and ambition of billions, lifting hundreds of millions out of poverty.

Yet progress is uneven. Sub-Saharan Africa still grapples with higher poverty rates, but even there, countries like Botswana and Mauritius demonstrate that economic freedom can spark growth and improve lives. The link between economic freedom and well-being is undeniable; freer economies tend to be wealthier, healthier, and more democratic.

This section reminds us that capitalism, often maligned, has been the greatest engine of human progress ever seen. It has created opportunities for people to choose, innovate, and prosper in ways unimaginable in previous eras. As we reflect on this, let us carry forward the optimism that these gains are not fixed but can be extended to all corners of the world.

With this foundation laid, we now turn to the intricate workings of the market itself—how millions of individuals, often strangers, coordinate their efforts to create the vast complexity of goods and services that sustain modern life. The story of cooperation through markets is as magical as the progress it has enabled.