> The claim that it's capitalism that has raised hundreds of millions of people out of poverty is a common one, but it's our technology that's advanced.
The main factor there was economic liberalisation in south east Asia. Mainly China of course but not only. There was nothing inevitable about that, it was a political decision. The Soviet Union didn’t do it, North Korea didn’t do it, but China had Deng Xioping and he did do it. He or someone else could have easily gone a different way. My wife is Chinese and I’ve visited frequently in the last 20 years and seen the transformation for myself. My wife’s family there are among those who went from grinding poverty to a comfortable lifestyle owning several properties with 2 cars.
Owning properties privately, in China, before Deng that would have been unimaginable. My wife’s sister even owns shares. It’s capitalism gone mad.
The claim that it's capitalism that has raised hundreds of millions of people out of poverty is a common one, but it's our technology that's advanced. If we were still living under feudalism and the industrial revolution and the Internet happened, hundreds of millions of lives would still have transformed. Thanks to John Deere and Monsanto and the like, billions of lives have been raised up from subsistence farming to where we are today. There's the argument that we wouldn't have this technology without capitalism, and the length of the Egyptian and Roman empires without the Internet lend credence to this possibility, but it's also impossible to deny that we've never and can't test whether a system other than capitalism wouldn't also lift millions out of poverty, given the same advancements in technology.
It turns out that centralized, long-term planning is necessary for certain advancements. Eisenhower's US highway system, for example. Or the Manhattan project. Yes, the market is great for a large number of things. One of my most favorite is the food bank story, where they created their own internal market, with credits, and used that to more efficiently organize actors and allocate resources *.
I'm also just done pretending that USA's brand of capitalism is perfect, or that we have a free market in the first place in places where we don't (eg pharmaceuticals) but still try to run it in a capitalistic way, and then get surprised when someone like Martin Shkreli plays the game according to the rules, buys a company with a monopoly on a product, and then raises prices when that's just the rules we've set up for ourselves. Yes he went to jail, but that wasn't because he raised prices on Daraprim, but because he was also running a ponzi scheme and the attention made that finally catch up to him.
* https://theeconreview.com/2018/02/12/how-food-banks-used-mar....