By Tunde Obadina
It is an irony that progressives who claim to advocate for poor people in developing economies often prescribe an ideology that is detrimental to the interests of those they supposedly support. They rant about the evils of capitalism and urge poor-nation governments to restrict foreign capital and curb the activities of multinationals. They contend that the pursuit of profit, especially by foreigners, invariably results in cruel exploitation of the weak, as happened during the eras of slave trade and colonial rule that preceded modern-day globalisation.
This view of capitalism as a cause of poverty is nonsense. The reality is that over the past 250 years, trade and the pursuit of profit have lifted billions of people out of extreme poverty. Continue reading