Mary O’Grady cites the Problems of Latin America as too Much Socialism and not Enough Economic Liberty

Posted by PITHOCRATES - April 28th, 2012

Week in Review

Latin America has the will and the way for prosperity.  If only they give up on oppressive equality (see Destroying Latin America: Journalist Mary O’Grady on Populism, Protectionism, and Prohibition by Zach Weissmueller posted 4/28/2012 on Reason).

“The inequality produced by liberty: This, for the socialist, is the soft underbelly of pro-market rationale and the best place to attack,” says Mary O’Grady, a columnist who covers Latin America for the Wall Street Journal. “I would argue that it’s the intellectual stream that prevails in Latin America, and it’s the reason the region can not hope to reach its potential any time soon.”

O’Grady made a presentation at Reason Weekend 2012, Reason Foundation’s annual donor event. [Sh]e talked about why Latin American countries are so susceptible to socialism and identified the “three P’s” of “Populism, Protectionism, and Prohibition” as the primary sources of the region’s biggest problems.

To briefly summarize the ruling elite in Latin America are anti-capitalistic.  Because capitalism leads to income inequality.  So they discourage any capitalistic activity.  The politicians and rulers.  Intellectuals.  And academia.  Which squashes the entrepreneurial spirit.  Because entrepreneurs could become rich.  And that wouldn’t be fair.  So they nationalized industries.  And forced equality on the masses.  Which has kept the masses mired in poverty.  Yet when these same people leave their forced equality and move into capitalistic countries their lives improve.  They become entrepreneurs.  Further expanding the middle class.  Adding more to the vibrant economies they’ve joined.  All of which they could have in Latin America.  If only they stop oppressing the people in the name of equality.

Good presentation by Mary O’Grady.  Watching this video is 32 minutes well spent.

www.PITHOCRATES.com

Share

Tags: , , , , , , , , , ,