In His Own Words – Bill Gates

Bill Gates tells quite a different story than the one now going around regarding the growing wealth disparity in the world's nations.  Here is the link to the annual letter Mr. Gates distributes as head of the foundation that bears his name:  http://annualletter.gatesfoundation.org/#section=home

Here are a few quotes from the letter:

·         The global picture of poverty has been completely redrawn in my lifetime. Per-person incomes in Turkey and Chile are where the United States level was in 1960. Malaysia is nearly there, as is Gabon. And that no-man’s-land between rich and poor countries has been filled in by China, India, Brazil, and others. Since 1960, China’s real income per person has gone up eightfold. India’s has quadrupled, Brazil’s has almost quintupled, and the small country of Botswana, with shrewd management of its mineral resources, has seen a thirty-fold increase. There is a class of nations in the middle that barely existed 50 years ago, and it includes more than half of the world’s population.

·         Income per person has in fact risen in sub-Saharan Africa over that time, and quite a bit in a few countries. After plummeting during the debt crisis of the 1980s, it has climbed by two thirds since 1998, to nearly $2,200 from just over $1,300. Today, more and more countries are turning toward strong sustained development, and more will follow. Seven of the 10 fastest-growing economies of the past half-decade are in Africa.

·         I am optimistic enough about this that I am willing to make a prediction. By 2035, there will be almost no poor countries left in the world. (I mean by our current definition of poor.)  Almost all countries will be what we now call lower-middle income or richer. Countries will learn from their most productive neighbors and benefit from innovations like new vaccines, better seeds, and the digital revolution. Their labor forces, buoyed by expanded education, will attract new investments.

TheFundamentals comments:  American media is dominated by a few very unattractive characteristics:

·         Sensationalism – mostly on bad news; seldom on good news

·         Brief snippets of disclosure and intensity with a perpetual “can't wait attitude for the next event”

·         Personality driven – think the attention directed to those who come and go – Obama, Christie, Clinton, etc. and not those who actually do the work, implement changes and have staying power – the regular everyday folk

·         Incredibly parochial – unaware and uninterested in the major developments and advances that occur beyond our borders

Mr. Gates does not suffer from these shortcomings.  Please read his letter.  It’s entitled, "Three myths that block progress for the poor.”   We think his views are needed as the chorus grows to drastically curtail the benefits flowing from capitalism.