Forget the World Bank, Try Wal-Mart – Michael Strong

From tcsdaily.com:

Between 1990 and 2002 more than 174 million people escaped poverty in China, about 1.2 million per month. With an estimated $23 billion in Chinese exports in 2005 (out of a total of $713 billion in manufacturing exports), Wal-Mart might well be single-handedly responsible for bringing about 38,000 people out of poverty in China each month, about 460,000 per year.

There are estimates that 70 percent of ’s products are made in China. One writer vividly suggests that “One way to think of is as a vast pipeline that gives non-U.S. companies direct access to the American market.” Even without considering the $263 billion in consumer savings that provides for low-income Americans, or the millions lifted out of poverty by in other developing nations, it is unlikely that there is any single organization on the planet that alleviates poverty so effectively for so many people. Moreover, insofar as China’s rapid manufacturing growth has been associated with a decline in its status as a global arms dealer, has also done more than its share in contributing to global peace.[Full Text]

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