Quote note (#344)¶
… Here’s another way to put my concern. The percentage of global GDP which is held in relatively non-free countries, such as China, has been rising relative to the share of global GDP held in the freer countries. I suspect we are underrating the noxious effects of that development.
If freedom has become disconnected from economic competence, then classical liberalism is dead.
(The XS suspicion, however, is that Cowen’s sense of “freedom” has been so corrupted by social democracy that it’s incapable of doing the work he wants it to here.)