In one of her first moves on coming to office she delivered capital market liberalisation. What that meant was that money was allowed to roam free around the world.
The result has been a vast flood of capital into the capital poor but labour rich areas of the world. Exactly as theory would predict in fact. And the result of that has been the largest reduction in poverty in the history of our species. Also as theory would predict.
And who has actually gained from this?
As the figure below shows, most significant increases in per capita income are indeed found among the very top of the global income distribution and among the emerging global middle class, which includes more than a third of the world\’s population.
Percentage change in real income, 1988-2008, at various percentiles of global income distribution (in 2005 PPP dollars). (Data source: World Bank)
Damn the woman, eh? Firing the starting gun on one third of the world\’s population rising up to the petit bourgeois pleasures of three squares a day.
How could it be possible to praise someone aiding the solution to humanity\’s most persistent problem, abolishing poverty?