Should a state control the means of production?

by Nicholas Woode-SmithPoliticsPosted on No Comments

The state should not control the means of production due to the innovation and efficiency that arises from private ownership (Shleifer, 1998:135), the necessity for non-regulated prices creating proper indicatators  (Friedman & Friedman, 1980:14) and the dangers of central planning (Hayek, 2007:124). People are more likely to work hard if they are given proper incentives. …

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State did not help Japan grow: Post-WW2

by Nicholas Woode-SmithHistoryPosted on No Comments

While the role of state intervention and planning in the post-WW2 economy of Japan was influential, the successful development of the country cannot wholly be attributed to the state. Japan’s developmental success is rather due to a dynamic and effective private sector, the historical culture of Japanese labour and the context of the time. The …

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