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Good ‘stuff’ today in class. The realization that PEOPLE are the most important ingredient in building a vibrant economy has never been more obvious than in Singapore and the other 3 ‘little Asian Tigers’: Taiwan, Hong Kong, and South Korea. The ‘little tigers’ possess few natural resources, limited space, dense populations, and less than a stellar history, yet they all are thriving, prosperous, and FREE.
Another startling realization arrived at by even a cursory study of the two Koreas demonstrates graphically how government plays a vital role in the financial well-being of all countries. The North Korean government controls every aspect of life including cell phone usage, availability of the internet, and all facets of the economy. Consequently, North Korea is among the poorest, most repressed, and most malnourished people on earth. South Korea, on the other hand, possesses one of the world’s leading economies…primarily because South Koreans enjoy the benefits of living in a republic that safeguards their political and economic freedoms.
There is more evidence to support the benefits of capitalism: in the last 23 years over 1 billion people have been raised from extreme poverty because of capitalism. Free people who profit from their own labor not only have more money but they LIVE LONGER, are BETTER EDUCATED, and they MAINTAIN A HEALTHIER ENVIRONMENT. How telling that these things have been accomplished WITHOUT GOVERNMENT CONTROL. Government is most effective when it allows its citizens to enjoy both political and economic freedom.
One other reality: CHINA poses the greatest long-term threat to America. Russia, Iran, North Korea, and Islamic jihad are very troublesome, particularly since these countries possess nuclear weapons; the threats they pose have to be taken seriously. However, China has embarked on a plan to become the world leader ECONOMICALLY and MILITARILY by 2049, the 100th anniversary of their Communist Revolution. Their imprisonment of more than a million of Chinese citizens in an attempt to rid their country of Muslims and their theft of an estimated 600 billions dollars worth of ‘intellectual property’ should concern every law abiding, freedom loving person wherever they currently live.
See you next week for the final exam. Study hard.