All the improvements, such as they are, have been paid for through personal and government debt. Because of globalisation and China, the old laws of economics were suspended temporarily over the last few years and there was money to pay for all this stuff - but the money was only on loan. By borrowing to 'lift children out of poverty' over the last decade we have probably condemned many more to a life of extreme poverty in the future.
I know that you think I am "economically illiterate" for saying all this, but have you been listening to Mervyn King recently?
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