The World Has a Common Wish: That 2023 Comes to an End As Soon As Possible
Dear friends, I frequently give conferences to some European organizations that were established after Louis XIV’s “quality production through private companies” campaign and have delivered proper service for centuries since then.
I feel sad inside while explaining the current state of the liberal economy to the representatives of those companies. I try to provide them with effective solutions while pointing out that the “laissez-faire” economy, which is poorly translated as “let them do it, let them pass”, but actually means “stand out of my light “, is constantly intervened by governments today.
Liberal democracy, that is, democracy enhanced by free will, no longer exists today. Government interventions have become all-encompassing since the pandemic, government debt is a burden on private sector, and financing costs reduce profitability. However, there are two solutions that could drastically help overcome all these problems.
Either a complete implementation of state capitalism or a gradual return to the free market economy. State capitalism will, after a while, inevitably cause innovation and technological progress to be dominated by oligarchy. Return to the free market economy, on the other hand, will bring about socio-political and socio-economic problems until improvement is achieved. Since humans are impatient and tend to fast track achievement of goals, they will have a higher tendency towards the first prescription.
Under state capitalism, the private sector will exist, however the state will introduce regulations to control fast-growing companies and, if necessary, nationalize some of them. Considering the former negative experiences in government-private sector partnership, along with a few successful examples, it would be best for the state to take over completely, not partially.
Some of you might think a properly established central government could achieve stability in foreign exchange rates, inflation and interest rates. Obviously, such an evolution will also lead to changes in the country’s government style. There is no doubt that go-to persons who have served longer in governmental positions will be preferred. It goes without saying that such preference will bring a major change to freedoms and rights.
Interestingly, this prescription seems more sympathetic to Europeans due to the concept of social state and the troubled political environment in Europe. In conferences, I always hear my audience say they need authoritarian and populist leaders.
“It will not be possible to talk about a full recovery before 2026.” This is how I usually conclude my conferences. People seem to be okay with it, praying that it will not last any longer. All of these show that we will wish for the same thing we wish for every year: “This year has been terrible, but I am hopeful for the next.”
