SOME ECONOMICS

A socialist economist who finally learnt: "Capitalism has been as unmistakable a success as socialism has been a failure. Here is the part that's hard to swallow. It has been the Friedmans, Hayeks, and von Miseses who have maintained that capitalism would flourish and that socialism would develop incurable ailments. All three have regarded capitalism as the 'natural' system of free men; all have maintained that left to its own devices capitalism would achieve material growth more successfully than any other system. From [my samplings] I draw the following discomforting generalization: The farther to the right one looks, the more prescient has been the historical foresight; the farther to the left, the less so".

There is a big article here which says that Communism has made a pretty big comeback in Latin America. There is certainly a strong Leftist influence there but there is some economic sanity there too so it remains to be seen how it will all end up. Stupid and brutish governments seem to be a tradition in Latin America, however, so whatever happens is unlikely to be much of a surprise. Only Chile is flourishing economically, thanks to Pinochet and the "Chicago" economists that he gave the economic reins to: "The Chilean economy after all, has posted growth rates above 7% per year for many years now"

Administration stupidity: "Less than two weeks after a 40-foot wave flattened massive swaths of Southeast Asia, the United States slapped a tariff on millions of dollars worth of seafood imports from India and Thailand. As the federal government promised $350 million, and private citizens pledged even more, the message to surviving shrimp farmers was clear: Have our marines, our pity, and our cash, but for the love of God, do not send us your cheap shrimp."

Another good debunking of the Wal-Mart bashers here. They are so keen to bash Wal-Mart that they are even praising Henry Ford! Ford was of course once the great heartless capitalist bugaboo of the Left who turned men into machines and "alienated" them. Consistency is not a Leftist virtue. Like Leftists generally, the Wal-Mart bashers find one little fact they like and then proceed to ignore all the other relevant facts.

***********************************