[Ed. – Bleeding heart liberals have it precisely backwards.]
Everyone interested in classical liberalism is familiar with the left-wing narrative that free markets undermine democracy and make the poor poorer. Those who perpetuate these fallacies often describe free market advocates as defenders of the greedy rich while painting socialists as heroes for the common good who bravely dare to challenge the interests of big corporations and protect the impoverished. That is a nice story. A dangerously inaccurate one. One that can be easily undone by reading facts instead of fiction.
Examine how economic freedom affects the income of the poor. According to the 2018 Economic Freedom of the World Report by the Fraser Institute, the income share earned by the poorest 10 percent of the population is mostly unaffected by the degree of economic freedom worldwide. However, the actual income earned by the poorest 10 percent in the most economically free countries is an astonishing eight times greater compared to the income earned by those living in the least economically free countries. What this means is that in countries with lower taxes, fewer regulations, and a strong rule of law, the poor are actually much wealthier.