[Re: Free economies will crumble if we fail to make the moral case for capitalism, Thursday]
It is vital that we argue for capitalism from both a moral perspective (respect for individual freedom and private property) and from an efficiency perspective (namely that free trade and the division of labour is the route to the widest possible prosperity). If we do one but not the other, we risk either underselling capitalism’s hand – that it has a proven track record over at least 200 years of driving phenomenal prosperity. Or we risk the Left undercutting its foundations by misrepresenting it as selfish.
[Re: As the crisis in Iraq worsens, is the break-up of the country now inevitable? yesterday]
It’s fitting that, on the centenary of the First World War, many are taking a second look at the national borders laid down by the French and English after victory in the Middle East. Military dictators (Saddam, Gaddafi, two generations of Assads) kept the map relatively constant, but it looks increasingly likely that the disparate faiths, tribes and territories that make up countries like Iraq and Syria will no longer hold together as single nations. It’s fashionable to blame the current crisis on Tony Blair. Maybe we should look even further back.
BEST OF TWITTER
White House wants Maliki to go. Given our experience with Assad, he’s got at least three years.
More signs of economic divergence. Compare the 54.2 composite PMI of Germany with the 48 in France.
The new Egypt: 400 are still being tortured and held outside of judicial oversight; 16,000 political prisoners.
China: Slowdown is deepening on weak investment. Fewer companies accessed credit in second quarter.