Thursday 4 March 2004

Only the unfettered free market is "fair".

It's not too often that we see a good letter in the Glasgow Herald. This one from Michael Palmer is an exception:
My point was entirely the opposite: it is not resources that are the deciding factor in a country's wealth but productivity. How else could Hong Kong with millions of people in a tiny area be so much better off than all of the economic basket cases in the world with infinitely greater natural resources?
Exactly. Scotland would have better off without the oil but with a capitalist culture that respects property rights.

(Hopefully I have worked out how to link to the new Herald website. You may have to press an extra key or two.)