From: Byrne Hobart (bhobart@gmail.com)
Date: Fri Apr 18 2008 - 08:27:38 MDT
> But that isn't true everywhere. Many countries in Europe have
> consistently done very well with decades of (moderate) socialism,
> while other countries in Latin America have done very poorly despite
> capitalism being allowed greater freedom than in the United States.
Those European countries have extremely slow growth and high unemployment
despite lots of human capital -- well-educated workforces that have, in the
past, been able to accomplish a hell of a lot. I really don't think that the
people who created the Great Exhibition dreamed that, many years later, the
highest accomplishment their ancestors could boast of was that they paid
for healthcare through taxes rather than insurance or private transactions.
And the Latin American example is a bit weak. They lack many of the
institutions necessary for capitalism to flourish, including reliable courts
and stable government. But they're also doing pretty well considering the
human capital they have.
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