Shanker Singham writes for Reaction
Mr President, we are in a great time of change. While our country has voted to leave the European Union, and in doing so to embrace the rest of the world, there is an existential battle going on. It is the battle of ideas between competition-led capitalism and state-led capitalism, between competition and cronyism. The tide of a prescriptive, dirigiste approach to economic governance as exemplified by countries like China has washed across the shores of Europe. We are in a fight no less real than the wars, hot and cold that we have fought together before. Our enemy is not Europe of course. Our enemy is poverty, and wealth destruction.
We believe that wealth can be created or destroyed. We believe it is more difficult to create than it is to destroy. And we believe that competition is the greatest force mankind has ever known to create it. It is competition, a free people competing based on the quality of their ideas and their capacity for hard work, and not on cronyism or their ability to get a law or regulation that hurts their competitors; it is competition that has lifted billions out of poverty, created innovative ideas and turned them into companies that employ hundreds of thousands of people. It is cronyism, protectionism and over-regulation that has enervated mankind’s spirit, destroying wealth and pushing people deeper and deeper into poverty.
Read the full article here.
Further IEA reading: Much to gain and little to fear from US-UK trade deal