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Re: Capitalism Doesn't Work, Mr. Gates?

"Ubiquitous" <weberm@polaris.net> wrote in message
news:veKdnRMOIb0Dt03anZ2dnUVZ_qLinZ2d@giganews.com...
> By Lawrence Kudlow
>
> Bill Gates, bloviating at the World Economic Forum in Davos, Switzerland,
is
> issuing a clarion call for a "kinder capitalism" to aid the world's poor.
> Gates says he has grown impatient with the shortcomings of capitalism. He
> thinks it's failing much of the world. This, of course, from a guy who's
worth
> around $35 billion (give or take a billion).
>
> Don't you just love it?
>
> A guy without a college degree who invented a new technology process in
his
> garage that literally changed the entire world, a guy who took advantage
of
> all the great opportunities that a free and capitalist society has to
offer
> and got filthy rich in the process, is now trashing capitalism and telling
us
> it doesn't work. What chutzpah.
>
> For all his do-good preaching, Gates is ignoring the global spread of
> free-market capitalism that has successfully lifted hundreds of millions
of
> people out of poverty and into the middle class over the last decade.
Think
> China. Think India. Think Eastern Europe. (Maybe even think France under
> Nicolas Sarkozy.) Gates wants business leaders to dedicate more time to
> fighting poverty. But the reality is that economic freedom is the best
path to
> prosperity. Period.
>
> The latest stats out of China are revealing. Here's a country that was a
> basket case not so long ago and today is the world's fourth largest
economy --
> hot on the heels of Germany, the third largest economy. China just
reported
> 11.2 percent fourth-quarter GDP, its fastest growth rate in 13 years.
Total
> output for China is now 24.7 trillion yuan, or $3.42 trillion at current
> exchange rates.
>
> At $14 trillion, the U.S. economy is still four times the size of China's.
But
> we've had free-market capitalism for more than 300 years. China's only had
it
> for about 15. China is still an undemocratic, authoritarian and repressive
> society that lacks the benefits of political freedom. But it was the late
> Milton Friedman who argued that the onset of free-market capitalism was
the
> precursor to full-fledged democratic capitalism. China's on the right
track.
>
> Gates says he has witnessed steep income and cultural inequities in his
> travels around the world, in particular to Africa. But for this he should
> blame the absence of capitalist principles, not capitalism itself. Even
the
> most compassionate corporate executives are not going to bring prosperity
to
> impoverished countries with statist economies. Until Africa's nations
> undertake the market-oriented reforms that have boosted China and the
other
> Asian Tigers -- like South Korea and Taiwan -- they will continue to rank
at
> the bottom of the world prosperity scale.
>
> The Heritage Foundation/Wall Street Journal 2008 Index of Economic Freedom
> reveals how free-market economics is spreading like wildfire, while
state-run
> socialism is on the decline. And it's no wonder why. The free-market
countries
> are prospering mightily, while the least-free economies are mired in
poverty.
> We're talking North Korea, Cuba, Zimbabwe and Iran. Also noteworthy is
> Venezuela. As the neo-socialist Hugo Chavez attempts to adopt Fidel
Castro's
> failed economic model, he's sinking his nation toward Cuba-type poverty.
>
> Economist Mark Perry, on his Carpe Diem blog site, reports that both the
U.S.
> share of world GDP and its global stock market capitalization are
shrinking.
> But this isn't a bad thing at all. It doesn't mean that America is heading
> downward. On the contrary, it means that newly freed economies are heading
up.
>
> The reality here is that the rising tide of global capitalism is lifting
all
> boats that employ it. Capitalism works. It's a good thing. It's the key to
> unlocking a nation's prosperity. In fact, free-market capitalism is the
> greatest anti-poverty program ever devised by man.
>
> Another billionaire, George Soros, the Davos partygoer who finances near
every
> left-wing political-action group on both sides of the Atlantic pond,
recently
> wrote in the Financial Times that the era of capitalism is coming to an
end.
> Soros, of course, has been predicting this for at least 20 years --
through
> the greatest world boom in history. And how was it that Soros made his
money?
> Trading currencies in the technologically advanced world financial
markets,
> the very same markets that were spawned by 20th century free-market
> capitalism.
>
> So I just have to smile when billionaires like Bill Gates and George Soros
> turn cold shoulders to the blessings capitalism bestows. Or when their
buddy,
> Warren Buffett, broadcasts the importance of hiking tax rates on
successful
> earners and investors.
>
> Look fellas, the command-and-control, state-run economics experiment was
> tried. It was called the Soviet Union. If you hadn't noticed, it was a
> miserable failure.
>
>
> --
> It is simply breathtaking to watch the glee and abandon with which
> the liberal media and the Angry Left have been attempting to turn
> our military victory in Iraq into a second Vietnam quagmire. Too bad
> for them, it's failing.
******
Good stuff all around, U. Too bad too many lo-lects 'round here won't get
it.

Thanks.

Dennis
>
>

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