Tuesday, January 24, 2012

How Much Does Market Organization Matter?

This is  DeLong blog; a This chart very interesting illustration, I am looking at South and North Korea comparison. 

It had exactly same economic (well there was no such things as called economy these days in Korea) prior division. After 60 odd years you can tell difference the two Koreas. Amazing things. Also other countries,  what went so wrong? 

This below is nicely finished off why N Korea stuffed-  from DeLong his  lecture note 

And, of course, societies in which personal freedom was limited and millions lived or died by the whims of paranoid dictators were even less attractive in total than their relative economic performance alone would indicate. Market economies, with protections of private property and thus alternative centers of power to the government, have proved to be necessary even if not sufficient preconditions for personal liberty and for safety from arbitrary execution.

Well, hey North K there is no one making things up! You know there is only one way out, open up! Bit by bit. You know you are not only stuffed but deadly sick.  A huge operations!