Dear friend of the FMF
In this week’s feature article, Eustace Davie explains the impact of socialist economic controls on prices, and by extension the negative knock-on effect on consumers. The author provides a clear definition of capitalism, and describes how socialist policies undermine the manner in which people voluntarily trade with each other. People have different values and preferences and this determines whether or not they will enter into an exchange. Government interference in its many forms undermines people’s ability to trade with each other, inhibits growth, and prevents people from improving their lives.
Economic growth requires an environment in which prices are freely formed – EUSTACE DAVIE
Prices, when left alone, “miraculously” direct all resources, including labour and capital, to their most productive uses.
Examine the South African economy to find any activities that are carried out on a basis of voluntary exchange between individuals, under circumstances where peaceful exchanges are not interfered with by bureaucratic action, where prices are arrived at wholly by agreement and I will acknowledge those activities to be capitalistic. But I then defy anyone to show how these activities are causing harm to the population at large.
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Publish date: 24 January 2018
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.