Capitalism Opens Doors to Freedom

While we’re on the subject of Scotland’s stumpiest rag, there’s a remarkable piece by John Bundell, ‘Capitalism opens doors to freedom’. Like a lot of Scrotesman contributors you are left asking, who he? He’s the director general of the Institute of Economic Affairs, right-wing think-tank full of bilious bile and general guff – see this extract below for a flavour of the sort of rubbish they publish:

“Economics is a peculiar discipline. It studies man’s behaviour and draws important insights that helps us map our way to prosperity.” Wow amazing.

“The language that links us all is price. A diamond miner in South Africa is trading on the certainty people in Antwerp will pay for his efforts. A Brazilian coffee farmer knows American and Brits have an addiction and will pay a price. Price is the great language of economics.”

God it’s like some sort of utopia isn’t it?

”Economics teaches us that where people are free to make their own arrangements and exchange their goods and ideas openly, then they will prosper. It goes further and says if this is true for Edinburgh, it is true of all mankind. The wise Friedrich Hayek terms this ‘the extended order’.”

Ah yes, the wise old owl Hayek! Sounds great doesn’t it?

”My peg for these thoughts is a study from the Fraser Institute in Vancouver, Canada called Economic Freedom of the World 2004. This is a remarkable assessment of every nation, calibrating the degree of liberalism of their markets and the security of property - not just real estate but all tradable items.

Well it is remarkable certainly John.

”Perhaps the nations at the bottom of the league offer more vivid lessons in how not to organise affairs. It is striking how some were wealthy until commandeered by leaders who were blind to economics.The bottom five include Venezuela - once prosperous but now under the strange sway of Hugo Chavez”.

Eh? “Strange sway?” Doesn’t he mean democratic mandate? Maybe after the referendum result we can expect a retraction from John?