Good response. Another way to understand these topics is to study practical growth stories:
- Singapore, Lee Kuan Yew
- Mysore State, India, Visveswaraya
You study the biographies/auto biographies of ministers of these states, you see the practical challenges with getting free markets. Especially in the initial years (50-100 years of development), until you have factories, industry-oriented education system, discipline, solid work-habits, inclusion of women in the economy, etc, free-market doesn't work. And it doesn't happen on its own, as well. Early days, consistent commitment and encouragement by powerful forces within society is key.
One could say that free markets is a stage of evolution; one cannot recommend free markets as a blanket recommendation. The contextual reality of a place is more important in what's going to work in reality.
- Singapore, Lee Kuan Yew
- Mysore State, India, Visveswaraya
You study the biographies/auto biographies of ministers of these states, you see the practical challenges with getting free markets. Especially in the initial years (50-100 years of development), until you have factories, industry-oriented education system, discipline, solid work-habits, inclusion of women in the economy, etc, free-market doesn't work. And it doesn't happen on its own, as well. Early days, consistent commitment and encouragement by powerful forces within society is key.
One could say that free markets is a stage of evolution; one cannot recommend free markets as a blanket recommendation. The contextual reality of a place is more important in what's going to work in reality.