Monday, November 29, 2004
I have two recommended readings for you today. The first is an article about a non-economic benefit of free trade.
The second is a more general discussion on why the open, market based economy model tends to perform better then the other alternatives. This was an interesting read to me because I am frequently wondering what the best way to organize a society is to bring the most benefits to the most people. Left leaning folks will harken to a socialist solution, right leaning-libertarian folks will want a small-government-let-the-market-take-care-of-it solution. Tony Blair is looking for the famous "third way" combining them both. I am just always wondering what is the best way to run things in order to improve the lot of everybody. That's why I like to read economic books and articles. Especially interesting to me is how developing countries can best develop and eliminate severe poverty. Thankfully we have seen some really tangible growth especially in places such as east Asia and can hopefully learn from those experiences how countries develop. But this article is interesting in that it talks about some of the benefits to an market based society that traditionally are seen as weaknesses. I assume some of you are like me and have questions on the social justice of capitalism and how our economy works, I just encourage you not to throw the baby out with the bathwater. Really there is no other current alternative to a market based economy. There is not a country in the world that I know of that is clamoring to re-nationalize most its industry (yes there are isolated backlashes to poorly done privatization schemes-for example Bolivia-, but not a whole lot of people are still thinking..."hmmm...Communism, that is the way of the future!") So for me, the key is to work within the system to encourage social justice and promote opportunity. That is why I am always harping about farm subsidies and other forms of rich world protectionism that harm the poorest in the world. Anyway...I ramble and preach.
On another note. It has been like a raging inferno here the last couple days. Thankfully it has cooled down today, but this weekend I felt like Dante nearing the end of his journey. The whole no air-conditioning thing ceases to become a novelty after 3 days of high 90s in humidity and temperature.
PS. Always feel free to comment on my posts...especially if you disagree with them.