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Yes, but also political stability and rule of law. It doesn’t have to be “rule of law” in the sense of liberal democracy. But it has to be reasonably fair and p
by rayiner 9mo ago
Yes, but also political stability and rule of law. It doesn’t have to be “rule of law” in the sense of liberal democracy. But it has to be reasonably fair and predictable for routine business issues. That’s one thing China has focused a lot on that doesn’t get mentioned much. Apart from politically charged topics or pillars of their industrial policy, you actually can get a relatively fair shake from Chinese courts these days.
- WalterBright 9mo agoPolitical stability and rule of law are essential ingredients for free markets.
- disgruntledphd2 9mo agoIn fact, "free" markets are downstream of them. Political stability and rule of law are important everywhere, whereas a fetish for free markets is something that's only important in some places. We rarely get better results from healthcare or education (or infrastructure) from a free market system, and yet those are fundamental ingredients towards most human development (which can, but does not require free markets). And anyway, what does a free market mean? Do regulations make markets less free or just shape them?
- WalterBright 9mo ago> We rarely get better results from healthcare or education (or infrastructure) from a free market system Healthcare in the US was very good and inexpensive before the government got involved in it. Public education does a very poor job in the US, at enormous cost. > what does a free market mean? It means a market where force and fraud are absent. > Regulations Regulations to reduce force and fraud are a proper function of government.