Monday, February 7, 2011

Egypt and Tunisia need economic freedom

Egypt and Tunisia desperate for economic freedom | The Australian - Craig Emerson, Feb. 8:

"The fundamental prerequisite for a market to produce the growth needed to support employment and prosperity is economic freedom. Without low regulatory burdens, quality legal systems, security of property rights, low levels of corruption and a sound currency, a country struggles to be economically free, even if there is political freedom. Where there is neither economic nor political freedom, the country becomes a cauldron.

"Without economic freedom, people can't start businesses, investment is stifled and trade can't flourish. The spark that lit the flames engulfing parts of the region was a young man's suicide in Tunisia. After years of struggle to keep his family of eight alive, Mohamed Bouazizi was finally broken because the vegetable stand that he operated was confiscated, essentially because he couldn't afford to bribe the police."

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