Wealth creation


It just works
Thomas Sowell makes some great points.

Foreigners did not come in to help the Chinese but to help themselves. The only way they could benefit, and the Chinese benefit at the same time, was if more total wealth was created. That is what happened but the political left has virtually no interest in the creation of wealth, in China or anywhere else, despite all of their proclaimed concern for "the poor."

Since wealth is the only thing that can cure poverty, you might think that the left would be as obsessed with the creation of wealth as they are with the redistribution of wealth. But you would be wrong.

When it comes to lifting people out of poverty, redistribution of income and wealth has a much poorer and more spotty track record than the creation of wealth. In some places, such as Zimbabwe today, attempts at a redistribution of wealth have turned out to be a redistribution of poverty.

While the creation of wealth may be more effective for enabling millions of people to rise out of poverty, it provides no special role for the political left, no puffed up importance, no moral superiority, no power for them to wield over others. Redistribution is clearly better for the left.

I think I would add that it eliminates the politics of guilt.

— NeoWayland

Posted: Tue - January 10, 2006 at 04:27 AM  Tag


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