The Chilean mine accident and subsequent dramatic rescue of 33 miners in Chile has prompted criticism of capitalism from the usual quarters. Happily, there is an increasing recognition of the real story, as noted by Dan Henninger in the Wall Street Journal: capitalism saved the miners. Chile, long Latin America’s freest economy and now the fifth freest economy in the world according to the Economic Freedom of the World report, was able to rely on the latest technology and expertise provided by capitalist companies from around the world to execute a rescue that would not have been possible before the current era of globalization. The Washington Post also editorialized to that effect, saying, “Thanks to Chile’s openness to the world and embrace of entrepreneurship, it was able to effectively deploy cutting-edge technologies.” Here, commentator Star Parker writes about the miners and Chile’s remarkable transformation that began in the 1970s.
Featuring the author Angus Deaton, Dwight D. Eisenhower Professor of Economic and International Affairs, Woodrow Wilson School of Public and International Affairs & Economics Department, Princeton University; with comments by Charles Kenny, Senior Fellow, Center for Global Development; moderated by Ian Vasquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
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December 10, 2013
December 9, 2013
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.