"What do you see as the difference? What would you change?"
A key problem of unlimited democracy is that property rights are often destroyed, ie, the majority, or special interests groups trading amongst eachother, access the property of others by means of government policy.
This is really the key to our current crisis, our governments in most of the major economies have been buying votes through implementation of govt programs to distribute wealth. In parallel, our financial industry has not opposed this approach, but has instead supported it as a means of using govt policy to enable leverage and bail-outs of financial groups...and also, the financial groups make much of their business by handling trading of govt bonds, by providing derivative products for debt and fiat currencies....much of this business would not exist under a govt which primarily served to protect property rights rather than abrogate them.
Property rights are the key, because property is our means of supporting our lives....so folks want to take it for themselves, and when we lose it, our lives become vulnerable. Life, liberty and property....the key function of govt is to protect these, and when it is limited, by constitutional restrictions, to protecting these, then it is very difficult for it to grow large and destructive, as govt has currently become in much of the world.
None of our politicians or financial leaders speak of the importance of property rights....how come?
rp |
