Getting Better or Worse
The good old days is a lamentation heard often. Maybe folks my age don’t remember, or it could be we like to recollect only pleasant memories. Do we not realize how far we’ve come in the elimination of poverty? And not just in the U.S. of A., but the world.
Capitalism, to be clear, is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.* The antonym, same source, is communism.
So what happened in the 50s to spread freedom, capitalism, choice? WWII ended five years prior and we, in my opinion, proceeded to do what Americans do best – help the affected countries rebuild. Rebuild in the American way, Japan shifted from an empire to a constitutional monarchy, with William Deming’s** (please look him up in the link provided below) help they became an industrial powerhouse. Germany in becoming a democratic, federal parliamentary republic developed into the industrial heart of Europe. This phenomenon, in my opinion, has repeated itself in almost every part of the world. And, Americans are solely responsible for popularizing the economic principles based on freedom which have, in my opinion, led to the expansion and adoption of not only our culture but capitalism across the world. Think I’m wrong, ask any kid in China who Mickey is.
The impact goes well beyond the reduction in poverty, take a look at education, literacy, vaccinations, democracy and child mortality.
Getting better because of America.
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Carlos Dominguez – Portfolio Manager, RJFS
Sources:
The Chart – https://ourworldindata.org/uploads/2017/01/Two-centuries-World-as-100-people.png
http://www.worldbank.org/en/news/feature/2016/06/08/ending-extreme-poverty
*https://www.google.com/search?q=capitalism&rlz=1C1GCEU_enUS820US820&oq=capitalism&aqs=chrome..69i57j0l5.2508j0j7&sourceid=chrome&ie=UTF-8
**https://en.wikipedia.org/wiki/W._Edwards_Deming
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The preceding information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Carlos Dominguez and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. Investing always involves risk. There is no assurance that any investment strategy will be successful.