New Video Shows the Simple Recipe for Poor Nations to Become Rich Nations--in Spite of Bad Advice from International Bureaucracies

Therecipe for growth and prosperity isn ’t very complicated.Adam Smith provideda very simple formula back in the 1700s.For folks who prefer a more quantitative approach,Economic Freedom of the World uses dozens of variables torank nations based on key indices such as rule of law, size of government, regulatory burden, trade openness, and stable money.One of the heartening lessons from this research is that countries don ’t need perfect policy. So long as there is simply “breathing room” for the private sector, growth is possible. Just look at China, for instance, wherehundreds of millions of people have been lifted from destitution thanks to a modest bit of economic liberalization.Indeed, it ’s remarkable how good policy (if sustained over several decades) can generate very positive results.That ’s the main message in this new video from the Center for Freedom and Prosperity.The first part of the video, narrated by Abir Doumit, reviews success stories from around the world, includingHong Kong,Singapore,Chile,Estonia,Taiwan,Ireland,South Korea, andBotswana.Pay particular attention to the charts showing how per-capita economic output has grown over time in these jurisdictions compared to other nations. That ’s the real test of what works.The second part of the video exposes the scandalous actions of international bureaucracies, which are urging higher fiscal burdens in developing nations even thoughno poor nation has ever become a rich nation with bigger governmen...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs