Friday, 22 November 2013

Democracy or Free Market

An excellent quote from Matt Ridley's latest blog. It best illustrates the differences between political and economic freedoms. Democracy is usually vastly oversold and hyped, while the free market is usually vehemently criticized. It has also been stated that the market votes every minute with its money, whereas the electorate votes once every few years. 

"Free-market economists are wont to point out that economic freedom is in one sense more tolerant than political freedom. If you like apples and I like oranges, then economic freedom means I can have one and you can have the other, and we are both happy. Political freedom means that we take a vote on whether we all should have apples or all should have oranges, and the loser is disappointed."

Note that Ridley makes this important observation in his last paragraph. Briefly it is: "The real benefit of democracy is stop the rulers using violence against you."

http://www.rationaloptimist.com/blog/when-political-tyranny-allows-economic-freedom.aspx

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