The expansion of capitalism led to a deterioration in human welfare, according to new study
Daily income per person for a family of four, with one family member working 250 days a year as an unskilled laborer, 2011 welfare-adjusted PPP $ (1301 – 1913). Source: Allen (2001); U.S. Bureau of Labor Statistics (2020). Credit: World Development (2022). DOI: 10.1016/j.worlddev.2022.106026
Far from reducing extreme poverty, the expansion of capitalism from the 16th century onward was associated with a dramatic deterioration…