John Holton (john_holton) wrote,
John Holton

Boeing Bounces Back


Seriously, though, Don Surber refers to a great column by George Will in his blog entry. Take a minute and read it, particularly this:

But now Airbus has problems inherent in its role as Europe's iconic public-private collaboration.

Such collaboration, called "industrial policy," involves the irrationalities of economic nationalism, as each of the nine countries involved in subsidizing the A380 fights for "its" jobs.

Keep in mind that this "iconic public-private collaboration" is the sort of Keynesian nonsense that John Kenneth Galbraith was so high on in his The New Industrial State. The planned economy hasn't worked anywhere for longer than a few years, and leads to the sort of problems that Airbus is currently experiencing--problems that too many Americans think ought to be introduced into the US economy (can you say "Hillarycare"?). Or, as Don says, "socialism cannot top capitalism in the long run". And certainly fascism, which is what's evolving in Western Europe (note the "economic nationalism") can't top capitalism at all.

To paraphrase Churchill, capitalism isn't perfect, but it beats any of the alternatives. Or, as Milton Friedman said, individual freedom -- that which liberals (in the truest sense of the word) stand for, or at least proclaim that they stand for -- starts with economic freedom. Socialism doesn't lead to economic freedom, nor does fascism, nor does "industrial policy".

End of lecture. There'll be a quiz at the end of the quarter.
Tags: economics, of_interest

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