An attack on economic planning, written in 1981
via The Case against Economic Planning 1981, by Sean Gabb.
I wrote this such a very long time ago. I begin to feel old!
Discover more from The Libertarian Alliance
Subscribe to get the latest posts sent to your email.
Sad that such obvious arguments need to be reiterated.
The Chinese economy seems to benefit from economic planning.
Strategic mercantilism…
Tony
“Seems” is exactly right. The Chinese economy started from a pitifully low baseline, so almost anything other than old-style Chinese central planning would have looked reasonably good by comparison. What’s more, just as ABC theory predicts, the relevant parts of China’s manufacturing sector will be exposed as the boom-time malinvestments they are when certain foreign govts can’t/won’t honour the IOU’s that currently underpin them.
Meanwhile, the Chinese govt efforts to hold down the value of the renminbi are artificially depressing the domestic economy, which would otherwise help those export-oriented factories through what lies just over the horizon.