Sunday, April 01, 2007

Economic Freedom

This link is to Michael J. Totten's diary as he is in Iraq (thank you to Dr. Eubanks for making aware this site in his blog Economics & Liberty"). In this particular entry, Totten talks about how Kurdistan is booming in a country with sectarian violence and strife. Yet here is a part of that country which is booming. In fact, land is being scooped up by investors (more than likely foreign investors).

As the theme for our class has been on economic freedom, I can't think of a better example of how this type of freedom works. I have been reading a biography on F. A. Hayek and one of the things mentioned is that socialism does not work and that our century will be remembered by the battle between socialism and capitalism/economic freedom. I can't help but think that we are living in a time where we will see the end to socialism and the re-birth of the economic freedoms our founders so desperately wanted to impose on future generations.

Within so many news articles today (many you have to look for) describing the benefits of property rights and economic freedoms, I think our primary role as economists should be coming up with solutions to help those in countries that do not yet have the economic freedoms we have. How can we help Mexicans want to stay in their own country. Do micro loans really help those in developing countries.

Before I started this class, liberalism was a dirty word to me- I did not understand it's first, or true, meaning. Now, I can not think of other solutions to the problems we, as Americans, and those needing freedoms, other than property rights and free markets without government interference. The roots of all of the solutions I can come up with begin with these simple, yet
necessary rights.

I find it so discouraging that the main stream press does not report on such progress like that seen in Kurdistan. This lack of reporting also shows to those in oppressing regimes (such as Venezuela) that economic freedom is not important to us. I wonder if more Americans knew about the success in Kurdistan and, say Lebanon or Lybia, if the support for our troops would increase. We see how bad it is, we don't see any success. I think countries like Iran like that- how unfortunate.

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