Lessons from Capitalism for Personal Development

  • Free trade reduces freedom of choice for poor countries. Keeping foreign companies out may be good for them in the long run.
  • Investing in a company that is going to make a loss for 17 years may be an excellent proposition.
  • Some of the world’s best firms are owned by the state.
  • Borrowing ideas from more productive foreigners is essential for economic development.
  • Low inflation and government prudence may be harmful to economic development.
  • Corruption exists because there is too much, not too little, market.
  • Countries are poor not because their people are lazy; their people are lazy because they are poor.

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