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7772 - Capitalism and extreme poverty: A global analysis of real wages, human height, and mortality since the long 16th century
This paper assesses claims that, prior to the 19th century, around 90% of the human population lived in extreme poverty (defined as the inability to access essential goods), and that global human welfare only began to improve with the rise of capitalism. These claims rely on national accounts and PPP exchange rates that do not adequately capture changes in people's access to essential goods. We assess this narrative against extant data on three empirical indicators of human welfare: real wage...