China’s “new infrastructure” will likely be but one more example of the false promise of technology as an antidote to the irrationality of state-controlled economies.
Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."
The EU has now become essentially a makeshift, lawless regime designed to prop up bankrupt states. So much so, in fact, that even the German supreme court has become alarmed.
Although politicians lecture private companies for raising prices, it is governments that have for decades raised the prices of goods and services by limiting supply and raising costs.
The whole idea of government regulating so-called monopolies in order to promote competition is based on fallacies. If anything, such intervention only stifles market competition and lowers living standards.
If you are shocked by the extent to which Canada’s various governments have shut down the economy with the onset of COVID-19, you should be more shocked by how much they shut it down before COVID-19.
