Look at the tremendous amount of poverty in the world! Doesn that represent a failure of capitalism?
The poverty in less developed countries would only represent a failure of capitalism if capitalism had actually been practised there for some length of time. Poor countries are poor precisely because they didn’t practice capitalism. Think-tank studies show a striking clear-cut correlation between the degree of economic freedom of a country, and the degree of prosperity. Of course, not all forms of capitalism are good, and ‘crony capitalism’ can result in poverty also. True economic freedom is here being defined as capitalism with a rule of law that protects human rights and a judicial system to clearly define and enforce property rights.
