Wednesday, August 17, 2011
Why doesn't free-market capitalism overcome corruption and greed in Haiti and other countries?
As we have learnt in school, capitalism will function only when no corruption and bueaucracy are around. It's not the other way around. The market cannot function well when most of the goods and services are traded in the informal market.Adam Smith wrote clearly, the government has the obligation to oversee that the bad guys are not around, but should not intervene the market.In Haiti, we have learnt for years that aid cannot work without trade. The man who is spelled as a corrupted politician is living well in Europe. The forrest and resources including people are gone. No development theory can help.
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