In the forests of India, something exciting is going on. Villagers are regaining property taken from them when the British colonial authorities nationalized their forests. Just as exciting, in urban Kenya and elsewhere, people are doing away with the need for banks by exchanging and saving their money digitally. All over the world, poor people are discovering the blessings of bottom-up capitalism.
I repost this interesting article on economic development around the world, specifically in the poorest societies. The key words to note are property, ownership, and capital. Another key concept is control over that capital, constituting legal rights. The development and accumulation of capital assets (incl. human) also leads to the expansion of credit to leverage present capital into future capital.
Gee, maybe that’s why we call it capitalism, ya’ think?