China rose from poverty after the Mao years only because its political leadership embraced private property and a market economy. Unfortunately, today the Communist leadership is moving back to socialism.
In order for nations to have capital development and market-based economies, they must have a cultural framework that accepts these developments. Too many nations do not, and they languish in poverty as a result.
Although most of Europe has long forgotten Misesian thinking, Prince Michael of Liechtenstein is an exception.
Whether political elites promote outright socialism or interventionism, they are advocating a failed economy.
In order for nations to have capital development and market-based economies, they must have a cultural framework that accepts these developments. Too many nations do not, and they languish in poverty as a result.
While Japan made some technological transfers to these places, prosperity came to them later, with the advent of free-market economies.
While Japan made some technological transfers to these places, prosperity came to them later, with the advent of free-market economies.
Although equality and "equity" are modern buzzwords, the only way to reach such a social nirvana is through violent means. Do we really want to go there?
Although equality and "equity" are modern buzzwords, the only way to reach such a social nirvana is through violent means. Do we really want to go there?
Ever since the Luddites rampaged through British textile factories in the early 1800s, people have feared that technology will result in mass unemployment. They were wrong then and are wrong now.
