During the July 30th Cato University Economic & Political Forum economics professor Steve Landsburg (University of Rochester) when asked, about the impact of corruption/property rights/rule of law on a country, stated:
“The effects of corruption you see more drastically in Africa, where again countries have gotten started on that growth path that different parts of the world started at different times, then they all kind of moved right up that growth path. You see especially in Africa where a corrupt government comes in and their able to put the brakes on that completely and turn it around. There is no question that corruption is a huge break on economic growth… there’s all kinds of arguments why the Industrial Revolution came when it did I think there’s a good case to be made that the advent of William the IV, and greater respect for property rights and economic freedom that came with that was a necessary prerequisite for the Industrial Revolution. I’m not enough of a historian to fully defend that but I’ve just finished reading [Thomas Babington] Macaulay’s [The] History of England and it sounds right to me.”
Africa…really?!? Has government corruption there caused more internal damage than the present, everyday there’s some new revelations, banking/financial ripoffs inside any number of corporate controlled countries? Or is this just another, subtle method of taking responsibility off one group of people and placing it on another?
Considering Professor Landsburg studies at the Milton Friedman’s University of Chicago his thought pattern is really no surprise here. But this entire capitalism love fest makes for interesting viewing.
“Signed…An Educated Brother!”