I'm not here to denouce colonialism or greed. I do believe greed is good.
Without greed as the motive, there would hardly be any progress in
technology. As the Nasdaq shown, greed will continue to be the driving force
for innovations for the years to come.
From: Ciamac Cyrus Moallemi
To: Dave Long
Sent: 12/30/99 9:11 AM
Subject: Re: [Kudlow] In Praise of Economic Freedom.
At 03:56 AM 12/30/1999 , you wrote:
> > So here's the virtuous cycle: economic freedom incents
> > freedom which begets innovation which in turn creates more economic
> > freedom and prosperity.
>This may indeed be a virtuous cycle, but if it were that easy, the
>early greeks, or the renaissance italians, or the mercantile dutch,
>(or perhaps even the antebellum southern planters), or the imperial
>british should still be out-prospering the rest of the world.
There's an interesting article in the millennium issue of the Economist
, to put this into a historical perspective. They point out that a
number of civilizations historically experienced tremendous
and economic advances but subsequently ground to a halt: the Roman
the Islamic world up to 1200's, China up to 1400's (which until that
was far more advanced technologically than the West). They suggest the
reasons for the boom in Western civilization in the past 250 years are
fact the society embodied a particular set of social values (willingness
accept change, acquisitiveness, willingness to establish trust and
reputation) and further that there were a number of competing countries
Western Europe, so that no single government could hold back change to
preserve the status quo, making our current boom much less a historical
inevitability than a remarkable confluence of events.