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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: JohnM who wrote (20384)	3/1/2002 8:30:49 PM
From: Ilaine	Read Replies (1) \| Respond to of 281500

I brought up my own experiences in the evolution of printing technology because you were talking about the suffering caused when changes force some businesses to go under - family farms, factories whose owners move offshore. People who are not maladaptive to change find their lives better. The "invisible hand" of Adam Smith is not the hand of God. It is the mysterious fact that when we all attempt to maximize our own self-interest, we can't help but benefit others. Schumpeter improved on it by pointing out that while some people are not benefitted by the invisible hand in the short run, the destructive process is inherent in capitalism, and benefits everyone in the long run. He called it "creative destruction." As someone already pointed out to you, this process makes poorly used resources available to be used more efficiently. I think it's better to use welfare for the maladaptive than enforce a status quo which no longer serves its highest and best purpose. I'd be interested in a list of technological advances that occurred first in non-capitalist countries.