RE: Some Econ Pessimism?

Robin Hanson (
Thu, 13 Feb 1997 14:19:47 -0800 (PST)

Crosby_M writes:
>Yes, the United States has been the exception - it has more closely
>approximated a free-market system than any other nation. But as more
>nations shed the shackles of socialism and mercantilism, as seems to
>be the trend, shouldn't they too begin to approach the capital
>appreciation rates experienced in the U.S.?

That's the positive interpretation. Let's hope its true. Note the
implication though: Most capitalists have never appreciated the value
of free markets, or they would have invested here instead of elsewhere.

>I would think the real question would be: as more nations achieve
>freer market mechanisms is the more level playing field and greater
>global competition going to drag everyone down or up?

Likely up, given the assumption above.

Robin D. Hanson