One hopes that the dictator of North Korea suffered greatly before he died. After all, his totalitarian and communist (pardon the redundancy) policies caused untold death and misery.
But let’s try to learn an economics lesson. In a previous post, I compared long-term growth in Hong Kong and Argentina to show the difference between capitalism and cronyism.
But for a much more dramatic comparison, look at the difference between North Korea and South Korea. Hmmm…, I wonder if we can conclude that markets are better than statism?
And if you like these types of comparisons, here’s a post showing how Singapore has caught up with the United States. And here’s another comparing what’s happened in the past 30 years in Chile, Argentina, and Venezuela.
And we still have fools who want more socialism
So what happened in 1974/75? Things really seemed to diverge there.
In the longer term economic growth dwarfs all other aspects of public policy. The naive dream of mandatory compassion leads to the cruel outcome of poverty. But HopNChange is ubiquitously irresistible in the short term –to the point of arithmetic denial.
[...] que lamentaban– la muerte de su planificador, no pensaban en el devastador impacto de éste sobre la economía (una palabra muy fría para referirse a las vidas materiales y el potencial creativo de los [...]
[...] [...]
[...] utilitarian approach and show how capitalist nations outperform statist nations, as you can see in this comparison of North Korea and South Korea, and this post comparing Argentina, Chile, and [...]
[...] utilitarian approach and show how capitalist nations outperform statist nations, as you can see in this comparison of North Korea and South Korea, and this post comparing Argentina, Chile, and [...]
[...] try to make that point in this PBS interview, but I suspect these charts comparing North Korea and South Korea and comparing Chile, Argentina, and Venezuela are much more [...]
[...] whether we’re looking at North Korea vs South Korea, Chile vs. Venezuela, or the U.S. vs. Europe, the world is a laboratory and the evidence gets [...]