Tuesday, 22 August 2017

Quote of the Day: On the myth that economic freedom benefits the few while impoverishing the many


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“One of the biggest and most pernicious myths about economic development is that capitalism or, as I prefer to call it, economic freedom, benefits the few, while impoverishing the many…
    “’There can be no doubt [however] that in history unfree majorities have benefited from the existence of free minorities and that today unfree societies benefit from what they obtain and learn from free societies’ …
    “Africans, [for example], did not have to become rich in order to start experiencing longer and better lives. Indeed, it would be surprising if they did get wealthier, considering that since independence, many African countries have experimented with socialism and other forms of protectionism. Some, like Zimbabwe, still do.
    “Instead, all of Africa benefited from the technological advances that occurred in free, which is to say, capitalist countries.”

    ~ Marian Tupy, from his post ‘Don’t demonise capitalism – it’s making the world a better place

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