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A Spotty Record in the Third World |
| Section: CURRENT ISSUES / SPECIAL REPORT--THE GLOBAL APPEAL OF PRIVATIZATION |
| Author: J. William Middendorf II |
| Publication: The world & I online |
| Issue Date: 1/1/1988 |
| Size: 2,961 Words, 18,522 Characters |
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Adam Smith, the great pioneer of modern economics who demystified the workings of the free market, wrote that national prosperity derives ultimately from the unplanned actions of myriad individuals pursuing their self-interest spontaneously. "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner," he wrote, "but from their regard to their own interest.... Led by an invisible hand to promote an end which was no part of his intention," the self-interested individual often helps his fellows in society "more effectually than when he really intends to promote it."
Today the economies of much of the Third World lie in shambles following 40 years of bureaucratic interference with the workings of free markets. Central planning by bureaucrats, suppo...
. . .
... Europe is now moving rapidly to follow its example. The LDCs are being strongly influenced by these examples. What is significant is that, with the exception of Peru and much of sub-Saharan Africa, progress is being made all over the world, including the communist countries. The international lending agencies and the U.S. AID program encourage privatization, but much work needs to be done.
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