Been wondering if "free market economy" still works the way we expect when other nations might not share the same core principles in governance ... checks & balances ... etc
Free market does not mean that the players within the market have liberty other than the price to buy or sell at. So a truly free market under a dictatorship should still act the same way, it's just that dictators have a way of not liking free markets.
In EU we don't grant software patents, and don't have the patent trols problem, we have different consumer righs, no mandatory arbitration, etc. In germany they have roads without speed limits, etc. A product destines for success in EU might fail in US and vice versa.
And there are no special rules for Europeans and other for foreigners. If you try to run a business in, lets say, Germany. You have the same rules and the same obligations as any other German. That doesn't happen in China.
Passing go more to get free money doesn't get you a win
https://en.wikipedia.org/wiki/Protectionism_in_the_United_St...
There is no such thing as "free market economy". Every economy is a protected economy. It's just a matter of degree. Go ask huwaei, iran, venezuela, zimbabwe, cuba, etc about "free market economy".
All markets are manipulated and controlled nationally/geopolitically. The price of oil isn't determined just by the "market", it's decided by the FED, subsidies, war, etc.
The only core principle shared by all nations is to lie, cheat and steal as much as possible. And things ultimately work out. The idea of governance, checks and balance, rule of law, etc are just frivilous distractions. Not to mention propaganda like "democracy" or "western values". Surely saudi arabia is a shining symbol of democracy and western "values".
[0.] https://www.nytimes.com/2012/05/09/opinion/no-roads-are-stra...
In an ideal world they would not be needed but in todays day and age when countries are not developed equally they are necesary to protect your tax sources and keep the cash flow in the internal economy instead of it being sent somewhere else.
True, but there's "more managed" and "less managed", and the difference matters. It matters to your ability to make money, and it matters to the economy's ability to actually produce what people want.
There are systems that have to be managed, because if there is a market failure, outcomes will be disasterous.
Thats food and water supply, nuclear, essential medicines, energy grid, oil, real estate (?), etc.
India is far from a free market economy. However some modest reforms in 1990s have given 100s of millions a hope that they can reliably have 3 meals a day and a roof over their head even with almost no skills.