The 25-year boom.

THE tendency of the news media to focus on the negative is well documented. It's not simply that shocking stories sell, but also that most good news just isn't interesting.

Economics can be an effective antidote to the pessimism such coverage can instill. When mundane good news piles up day by day, the cumulative effect can be striking. As an example, the accompanying chart plots GDP growth from 1980 through 2005 for two sets of the world's countries. The blue line represents GDP growth for countries that had per capita incomes of $10,726 or higher in 2005. The green line charts GDP growth for countries with per capita incomes below $875 in 2005.

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There is much good news here. First, the basic trend in economic growth for both sets of countries is quite positive, and has been consistently positive for decades. Troubles come and go in this world, but the steadily rising tide of economic development is making everyone better off, big time.

More important, the rate of economic growth in poor countries has been significantly higher than in rich countries since about 1980. This means that the gap between rich and poor countries is closing, and that globalization is delivering prosperity to the world's poor in a manner unprecedented in world history.

How big has the change been? In 1980, the GDP per capita in the poorest group of countries was $255 (in 2000 dollars). In 2005, it was $477 (again, in 2000 dollars). Some might argue that this growth helps only the richer segments of developing countries, but the data suggest otherwise. Columbia professor Xavier Sala-i-Martin has found that the division of the world's economic pie is becoming more equal over time, even as the pie itself grows.

It's highly likely that some financial crisis will cause some developing country to suffer economically in the next few years. When it does, the bad news will likely lead capitalism's usual detractors to rail against globalization and trade, and then call for sweeping new government action. When that time comes, remember this chart, and think a happy thought.