From WSJopinion: The developing world is willing to embrace capitalism and it needs the money as it fights off Covid. Here’s how to unleash market forces, writes ReadingSignals
This week's best and worst from Mary O'Grady, Bill McGurn, Jason Willick and Kyle Peterson. Photo: AFP/Getty ImagesA proxy for the contest between American and Chinese capitalism will take place in developing countries, where institutions are manifestly not coping with the economic recession triggered by Covid-19.
The two billion people who work outside the global financial system in the informal economy suffered a 60% drop in income in the first month of the crisis, according to an April press release from the United Nations’ International Labor Organization. Guy Ryder, the agency’s director-general, said: “Millions of businesses around the world are barely breathing. They have no savings or access to credit.” Without help, “these...
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