For years Bolivia was considered a successful example of the “Socialism of the 21st century”. An apparently booming economy blinded economists and politicians and obscured the view of a regime that was in reality authoritarian and corrupt.
Pope Francis never called for a “universal basic income” as a new socio-political model. He asked for financial assistance for those on the margins who have been harmed by the quarantine. Even so, the idea of a “basic income” is only feasible, if at all, in a country with strong protection of property rights and a market economy.
The Italian people are hardworking, noble, and clever but held back by their own decadent institutions. With no end in sight, this mess hurts the entire European monetary union. It would be better for Italy and the other eurozone nations if Italy had an orderly departure from the euro.
Statism is on the rise, despite the fact that western nations were ill-prepared for the Coronavirus pandemic. Old leftist demands are now given even more credence than usual. How can classical liberals and capitalists counter this statist impulse?
The lockdown has accelerated the onset of the financial crisis. Global rescue programs are opening the door to a creeping nationalization. We now face the threat of the kinds of restrictions found in former planned economies.
The coronavirus crisis has exposed once again the fragility of our debt-based economic system. There are alternatives to this artificial system of the last 70 years. There are ways that we can better incentivize saving, which will create not only more productivity but more robustness.
We could be facing the biggest economic crisis of all time. Will politicians be able to learn the lessons from this and use the crisis as an opportunity for a new beginning in economic and public health policy?
