According to the World Bank, global poverty has risen to between 88 and 110 million people in reaction to the COVID-19 pandemic. The hardest hit has been East Asia. What is astounding is that the World Bank defines poverty as living on $1.90 a day! So living on $2-$3 a day isn’t poverty? Can you imagine what the real numbers are of people living in poverty if poverty numbers were defined more realistically? If we take China out of the East Asian picture, the model of private capitalism in the East would be far worse.
Be sure to read Michael Robert’s introduction to this article.