Democracy And Markets Are Both

It Takes Time And Experience To Absorb New Technologies, So Technologically Backward Producers Need A Period Of Protection From International Competition During This Period Of Learning. Such Protection Is Costly, Because The Country Is Giving Up The Chance To Import Better And Cheaper Products. However, It Is A Price That Has To Be Paid If It Wants To Develop Advanced Industries.

There Is A Big Logical Jump Between Acknowledging The Destructive Nature Of Hyperinflation And Arguing That The Lower The Rate Of Inflation, The Better.

Gore Vidal, The American Writer, Once Described The American Economic System As 'free Enterprise For The Poor And Socialism For The Rich'. Macroeconomic Policy On The Global Scale Is A Bit Like That. It Is Keynesianism For The Rich Countries And Monetarism For The Poor.

Culture Changes With Economic Development.

It's Not Just About The Current Economic Environment. History Shows That Slashing Budgets Always Leads To Recession.