Well, since the political environment is crucial in determining whether entrepreneurs thrive, from time to time I will throw in some political commentary here.
Yesterday I saw a show on PBS (of all places!) that enlightened me to the difference between economic democracy and economic freedom. We know that many times a majority of the people will vote to take from the rich and give to the poor... this is economic democracy, not economic freedom. Greece, Spain, Italy, Venezuela, and other economic "powerlouses" come to mind here. Economic freedom, in contrast, is a system whereby the producers are allowed to keep the bulk of their earnings and thus keep producing.
The PBS show quoted a study showing that the poorest citizens in countries with highest economic freedom have 10 times the income of the poorest citizens in countries with the lowest economic freedom!
BTW, this is a good time to point out that JFK was a conservative, not a liberal as the liberals would like us to believe. See a great book by Ira Stoll entitled JFK, Conservative.
Monday, November 18, 2013
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