The free market is filling the gap when budget cuts are closing down government services. And of course they are cheaper, more efficient and more in tune with customer wants and needs.
At least according to FIAS, a part of the world bank. In 2008 they released the report Special Economic Zones: Performance, Lessons learned and Implications for Zone Development.
It concludes that freedom to trade, do business, build, etc. and less regulations is what it takes for a Special Economic Zone to prosper. Shocking, really.
Via Ordning och anarki.
“[The austrian economists] answers […] to the question of why economic booms and busts are cyclic events is referred to as the Austrian theory of the business cycle. Their conclusion can be found in the artificial lowering of prices, not of bricks or lumber, per se, but of the price of money itself.”
Perhaps it’s time we update our old fables?
A really great interview in plain english on the economic situation from an austrian perspective.
Is being pro-business and pro-capitalism the same? Does capitalism generate an unfair distribution of income? Was capitalism responsible for the most recent financial crisis? Dr. Jeffrey Miron at Harvard answers these questions by exposing three common myths of capitalism.
People tend to blame bad business decisions on capitalism. For example, some business owners treat their employees poorly and would advance their own interests better by treating their employees well. Happy employees tend to lead to happy customers, which means more profit for all. People have a bad boss, and they blame the free market. “Government ought to step in where the free market fails,” they say.
This is like blaming oxygen for the actions of criminals. “If we didn’t have so much oxygen, criminals wouldn’t be able to breathe, and there would be less crime.”
It’s just as ridiculous to blame capitalism for the actions of business owners. The “oxygen” of business is unhampered, unrestricted capitalism.
Capitalism Magazine on capitalism today.
I agree, we have to restore the true meaning of capitalism.