Nine Ways the World Is Getting Better
With everything going on, it can be easy to become consumed by the prevailing negativity. Yet, The Economist reminds us: “Of all the progress of the past 10,000 years…half has occurred since199O. Of all the golden ages, the greatest is here and now”‘
It’s easy to lose sight of how far we’ve come. However, a longer-term perspective reveals a more balanced story—one of progress, resilience and advancement. Here are nine ways life has improved:
- Poverty is at historic lows. Just 200 years ago, 85 percent of the world’s population lived in extreme poverty. In 1990, that figure was still around 36 percent. Today, it is less than 9 percent, and 75 percent of the world lives in middle-income countries.
- Life expectancy continues to grow. In 1800, many wouldn’t live past the age of 40. By 1900, the average Canadian life expectancy was just 50 years. Today. it has increased to over 82 years—bringing new meaning to the word ‘retirement:
- We enjoy modern conveniences. In 1870, the share of home with electricity was zero. Today, ovcr 99 percent of Canadian homes have access to electricity and running water. ln 1954. only 20 percent of CanoSian households had a TV; today, over 90 percent do. Globally, more than 70 percent of people own a smartphone.4
- Deaths from disease have significantly declined. In 1900, more than 37 percent of deaths were caused by infectious diseases: today, that figure is around 1.6 percent.
- Efficiency has improved. Innovations like the washing machine, dishwasher and microwave are often taken for granted, but they’ve saved hours of labour. In 1920, doing laundry could take 11.5 hours per week.6 Today, we can order food, book a ride, track our health or pay a bill—all from the palm of our hand using a smartphone.
- The cost of necessities has fallen and income has risen. In 1961, Canadians spent over 56 percent of income on necessities: food, shelter and clothing. Today, that has fallen to just over one-third?
- We are wealthier. As household income has increased, baby boomers have become the wealthiest generation in history. Decades of economic growth, combined with appreciating real estate and equity markets, have helped build substantial wealth.8
- We are better educated. In 1920, the global literacy rate was about 12 percent: today, it’s over 87 percent. Canada ranks among the highest globally in post-secondary educational attainment.
s Consider that in 1950. airline travel was largely out of reach for many long-distance travel often meant trains or steamships. A flight from New York to London could take up to 15 hours and cost the equivalent of over $8,500 today.
Taking a longer-term view reminds us of our substantial progress. Income and quality of life are up, while disease, violence and child mortality have fallen. Necessities and luxuries alike have become more affordable. Despite current economic challenges, Canada offers a high quality of life, thanks to healthcare, education, safety and personal freedoms. We benefit from clean air and water, political stability, low crime and an inclusive society that supports well-being.
The same may be said for investing. Investors have benefited from the long-term growth of financial markets. Despite recessions, war, pandemics, bear markets and many other disruptions, the S&P/TSX Composite has returned 2,174 percent over 50 years—an annualized return of 64 percent, or 9.9 percent with dividends reinvested.” Progress is rarely linear—but it continues. Keep looking ahead.
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