There Is No Such Thing As A

The Washing Machine Changed The World More Than The Internet.

Above A Certain Level Of Income, The Relative Value Of Material Consumption Vis-a-vis Leisure Time Is Diminished, So Earning A Higher Income At The Cost Of Working Longer Hours May Reduce The Quality Of Your Life. More Importantly, The Fact That The Citizens Of A Country Work Longer Than Others In Comparable Countries Does Not Necessarily Mean That They Like Working Longer Hours. They May Be Compelled To Work Long Hours, Even If They Actually Want To Take Longer Holidays.

The Foundation Of Economic Development Is The Acquisition Of More Productive Knowledge.

Between The Great Depression And The 1970s, Private Business Was Viewed With Suspicion Even In Most Capitalist Economies. Businesses Were, So The Story Goes, Seen As Anti-social Agents Whose Profit-seeking Needed To Be Restrained For Other, Supposedly Loftier, Goals, Such As Justice, Social Harmony, Protection Of The Weak And Even National Glory.

As South Korea Shows, Active Participation In International Trade Does Not Require Free Trade. Indeed, Had South Korea Pursued Free Trade And Not Promoted Infant Industries, It Would Not Have Become A Major Trading Nation. It Would Still Be Exporting Raw Materials (e.g., Tungsten Ore, Fish, Seaweed) Or Low-technology, Low-price Products (e.g., Textiles, Garments, Wigs Made With Human Hair) That Used To Be Its Main Export Items In The 1960s.