In this superb essay Anthony de Jasay argues that capitalism both creates and levels inequality.
His conclusion:
“Here, the Inequality Machine is producing more equality on a colossal scale by liftin the Eastern very poor to near the level of the Western poor. Nothing else, no development programme, no ‘war on poverty,’ no humanitarian campaign is in sight that would be remotely capable of doing the job. The envious and the morally indignant may hate capitalism for making the rich richer, but would they rather have the very poor remain very poor?”
Read the whole thing.
