Tuesday, November 24, 2015

Free markets

(cont'd)

All through human history, the natural state of the vast majority of people has been bare subsistence, or poverty. So our biggest concern, the most pressing question, should be: how did some cultures manage to raise their average material standard of living to a measure of comparative wealth?

A single feature correlates to cultures that rise out of poverty - it's economic freedom. This photo of the Korean peninsula shows visually the economic difference between the oppressed north and the south:

photo: nationalgeographic.com

South Korea has general economic freedom. But North Korea, a command economy, is controlled by a dictator. North Koreans as a people group are too poor to afford energy to light up their country at night.

The video of Jay Richards in yesterday's post is so good - go back to yesterday and watch it if you haven't yet! He uses a beautiful story to demonstrate freedom in the marketplace - it results in more satisfaction, more happiness, more wealth, for everyone.

(cont'd tomorrow)

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