The Countries Where the Free Market System Has the Most Support
Based on a new survey by the Pew Research Center, among the countries where the free market system is viewed most favorably, include South Korea, Vietnam and Bangladesh.
Japan is not surprising. The Japanese economy is heavily cartelized; thats one of the reasons why the Japanese economy has been stagnant for so long. Many Japanese cultural (business) norms are directly at odds with Free Market beliefs.
Wow, look at Vietnam. Looks like the "commies" have figured out that a free market works, whereas the "freedom loving" United States isn't nearly as supportive. Hmmmm.....
I'm basing my comment on the quote above that reads "among the countries where the free market system is viewed most favorably". I'm guessing that how one, or a group of people, views something might be different that the reality.
It would be interesting to see what some of these people would define as a "free market". For instance, do Americans consider the US to have a free market?
But then, how to explain the Korean results given that Korea also has a highly-cartelized (Chaebol) system in many ways modeled on the Japanese, plus similar (or even more extreme) social norms?
Polls are not reliable as the anonymous nature and low cost participation relieves people of responsibility for their words. Add to this different levels of political/social coercion and you have great incentive to go along to get along. This poll show India believes in the free market but their economy is a bureaucratic nightmare. Ask people to put their money where their mouth is in an environment of relatively low coercion and the results are obvious to see. Its interesting that Hong Kong and Singapore are not included in this poll. Although far from perfect they are freer and more economically successful than any country in the poll. Unfortunately the recent protests about democracy suggest freedom is declining in Hong Kong. Whenever democracy gains support as a decision making tool free markets decline.
I want to see the questions.... in all the languages...with interpretations by people knowledgeable with that culture. It seems to me this would be a question difficult to normalize. Who was asked the question? People, business owners? I mean we can't even agree in the U.S. wether we HAVE a free market, let alone try to decipher wether we are better off. Personally, I know we are but I'm not confident of what others think. Image the difference you'd get asking liberals vs conservatives.
I'm also interested in the internationalization of such a survey. Quality of translation can affect the interpretation of the question, which is opinion-based.
I can vouch for Vietnam. I have been there over the last 9 years and other than the official "Communist" government, everyone else is saying, "Let's make a deal." The black market is alive and well in Vietnam. Every time a relative goes back to Vietnam from the States, they bring back at least two 50lb. Boxes full of chocolate bars, razor blades, perfumes, cigarettes, etc. They are commodities as good as the Dong. The communist party members are the ones who are working at the airport so they could stop it if they want to, but I have never seen a customs stop going INTO Vietnam.
Japan is not surprising. The Japanese economy is heavily cartelized; thats one of the reasons why the Japanese economy has been stagnant for so long. Many Japanese cultural (business) norms are directly at odds with Free Market beliefs.
ReplyDeleteWow, look at Vietnam. Looks like the "commies" have figured out that a free market works, whereas the "freedom loving" United States isn't nearly as supportive. Hmmmm.....
ReplyDeleteWhat they have in the Social Republic of Vietnam is not a free market. As Miguel below points out, "you keep using that word..."
DeleteHi Paul,
DeleteI'm basing my comment on the quote above that reads "among the countries where the free market system is viewed most favorably". I'm guessing that how one, or a group of people, views something might be different that the reality.
- Michael
It would be interesting to see what some of these people would define as a "free market". For instance, do Americans consider the US to have a free market?
ReplyDeleteBut then, how to explain the Korean results given that Korea also has a highly-cartelized (Chaebol) system in many ways modeled on the Japanese, plus similar (or even more extreme) social norms?
ReplyDeletePolls are not reliable as the anonymous nature and low cost participation relieves people of responsibility for their words. Add to this different levels of political/social coercion and you have great incentive to go along to get along. This poll show India believes in the free market but their economy is a bureaucratic nightmare. Ask people to put their money where their mouth is in an environment of relatively low coercion and the results are obvious to see. Its interesting that Hong Kong and Singapore are not included in this poll. Although far from perfect they are freer and more economically successful than any country in the poll. Unfortunately the recent protests about democracy suggest freedom is declining in Hong Kong. Whenever democracy gains support as a decision making tool free markets decline.
ReplyDeleteI want to see the questions.... in all the languages...with interpretations by people knowledgeable with that culture. It seems to me this would be a question difficult to normalize. Who was asked the question? People, business owners? I mean we can't even agree in the U.S. wether we HAVE a free market, let alone try to decipher wether we are better off. Personally, I know we are but I'm not confident of what others think. Image the difference you'd get asking liberals vs conservatives.
ReplyDeleteI'm also interested in the internationalization of such a survey. Quality of translation can affect the interpretation of the question, which is opinion-based.
DeleteI can vouch for Vietnam. I have been there over the last 9 years and other than the official "Communist" government, everyone else is saying, "Let's make a deal." The black market is alive and well in Vietnam. Every time a relative goes back to Vietnam from the States, they bring back at least two 50lb. Boxes full of chocolate bars, razor blades, perfumes, cigarettes, etc. They are commodities as good as the Dong. The communist party members are the ones who are working at the airport so they could stop it if they want to, but I have never seen a customs stop going INTO Vietnam.
ReplyDelete