Playing Now:

03 Business Drives Freedom, Not Democracy - Jay Lillie
One major constraint on freedom is poverty. The response to poverty varies from country to country. Populism is a common response, as shown by Hugo Chavez in Venezuela. Populism is the free market’s greatest enemy. Eventually, Populism decays into and an East Germany, or a Cuba, and the slide is already happening in Venezuela. Free markets will pull us out eventually if we concentrate less on giving things away and more on elementary and high school education. China, Korea, and other Asian cultures are way ahead of us in preparing the young for a successful future. If you want the details of how we’re losing the competition from fifth grade on, read Alan Greenspan’s new book, or walk across the campus at Caltech and MIT.