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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: X Y Zebra who wrote (1695)	5/26/1999 3:02:00 PM
From: Henry Volquardsen	Read Replies (1) of 3536

corruption (á la third world) has become a great stumbling block for the success of said middle class. (and for the proper functioning of free markets). Absolutely. one of the most important reforms to allow for the growth of a stable, prosperous middle class will be the legal system. An independent, reliable legal system that respects property rights and targets corruption and cronyism is one of the post important elements in creating a prosperous, stable economy. Unless this corruption is solved.... the internal growth will be stunned and clouding the full potential of free markets, which to boot, will be blamed as the mothers of all disasters. Completely agree. I've seen some interesting academic discussions of why the LatAm economies have struggled despite their adoption of free market principles. One of the main reasons given was the lack of rigidly enforced property rights. This uncertainty wound up undermining the capitalist tendency towards investing. Why invest for the future if your property can be expropriated tomorrow? Obviously the situation is much improved but further progress is needed. And the picture, at least to these distant Anglo eyes, looks positive. Hopefully the dinosaurs of power will continue to do a Gorbachev and allow reform to proceed. It light of your other comments about the middle class investing in US dollars to avoid the futlity of frequent devaluations, perhaps this de facto dollarization will force further discipline on the power structure. Henry

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