Friday, October 17, 2003

Capital Flows Toward Liberty

Gary North continues to shine with his new article, "The Tortoise and the Hare: A Modern Revision."

"You are a little better off than your parents were in 1973. That's because you read a Web site like this. The average Joe doesn't read this sort of Web site. In his world, there has been little or no improvement. Some are even worse off. This is unique in American history.

What has happened? Part of this is moral: the question of will-power, meaning won't-power. We are running short of will. We are running short of grace.

Economically, we are marching into big government. As a nation, we are steadily substituting government-guaranteed security for entrepreneurship and thrift. Our thrift, such as it is, is flowing into government-regulated enterprises that are eligible for corporate pension plans to invest in.

Across the sea, our competitors are marching out of big government – the biggest governments in human history. The former Communists are becoming entrepreneurs. Even the official Communists who are still in power in China are hooking up personally with entrepreneurs, just as Chinese warlords have done for millennia.

Economic liberty always has this effect. Capital doesn't care who your parents were or what color you are or what language you speak, other than the two major international languages: mathematics and money. (The third international language, another M, is music, but Internet file sharing is creating profit-reductions for distributors in this area of the economy.)

In Asia, the Communist and Fabian tortoises are turning into capitalist hares. Capital flows toward liberty."

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