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Economic Freedom Is The Way To Prosperity


“Inequality” is a term used to divide the haves and have nots.

Christopher-LemieuxSMBullion.Directory precious metals analysis 23 June, 2015
By Christopher Lemieux
Senior Analyst at Bullion.Directory; Twitter @Lemieux_26

There has been a lot of focus on the term “income inequality” of late, as wealth continues to compress towards the top income earners.

Rhetoric from politicians and mainstream economics, which include this term, has been used to divide the haves and have nots. It has come to the point that those in the middle and lower income brackets now scorn those with money because they been told to do so.

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The gap between the middle and upper “classes” should be viewed as economic encouragement.

I came accross a great article by James A. Dorn, VP of monetary studies, editor of the Cato Journal, (via @Shoobhraa) titled “Inequality: The Rhetoric and Reality.”

Dorn puts it bluntly that “purveyors of that rhetoric, however, overlook the reality that when the state plays a major role in leveling the differences in income and wealth, economic freedom is eroded. The problem is, economic freedom is the true engine of progress for all people.”

Economic freedom had been the primary picture for immigration into the United States because individuals, typically from countries varying on the socialist spectrum, want a better life; they wanted to make more money. However, as the government grew and imposed themselves into the discussion, those people and those with the same drive saw the cards stacked against them.

According to Dorn, wealth is created through the discovering of new markets and expanding those markets. All one has to do is look to today’s top brands.

Apple, Inc. was created by Steve Jobs, Steve Wozniak and Ronald Wayne in Jobs’ childhood home; and the company revolutionized the technology space and made Jobs and Wozniak very wealthy.

Facebook, with nearly 1.5 billion users, was created by Mark Zuckerberg in a Harvard dorm room. He has created the most popular social media outlet and amassing great wealth – estimated at $34.8 billion.

Hamdi Ulukaya, a Turkish immigrant and CEO of Chobani yogurt, started his first business in 2002. After receiving advice from his father that success comes from taking risks, Ulukaya created the yogurt empire and created a net-worth of $1.4 billion.

All came from humble beginnings.

If there were no economic freedoms then these products, which are vastly consumed, would likely not exist.

Throughout history, governments have discriminated against the rich, ultimately harming the poor. Central planning should have taught us that replacing private entrepreneurs with government bureaucrats merely politicizes economic life and concentrates the power; it does not widen choices or increase income mobility.

With freedom comes choices to innovate and takes risks. Free markets will reign supreme against any “war on poverty” scheme a government can offer.

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