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Responding to an age of economic uncertainty

Wednesday, January 18, 2017

On Friday ‘The Trump’ becomes US President leading to, who knows? Meanwhile, Putin outmanoeuvres everyone as the master puppeteer of the Syrian ‘solution’. Ultimately it’s about oil? Chinese President Xi Jinping is the star attraction at the Davos capitalist soiree. That’s unsurprising! Based on purchasing power comparisons, China is now the world’s largest economy. The British pound is travelling south due to Brexit. Several pending elections in European countries could well see further disintegration of the EU.

From these snapshots the only thing we can say about economic certainty is that we live in a period of economic uncertainty! So do global forces make us powerless? No!

At ICA we’ve stayed focused on what we can do. We’re proud of:
We’ve got lots more on our bucket list!

People are only powerless if they choose to be. But there must be guiding principles to our actions. We'll happily admit to being big fans of free markets. Properly functioning free markets result in expanding prosperity, shared wealth and diminishing poverty.  

But let’s not kid ourselves. Markets can malfunction. That is why this article—‘We need free markets not a free for all’—is so powerful and focusing. It makes the following points:
  • Corporatism, not capitalism, has failed people.
  • Markets need to be kept competitive, fair and honest despite the incentives to cheat.
In practice the author argues there have been 2 key failings:
  • ‘Governments have failed to break domination of key sectors by small numbers of companies’.
  • ‘There has been a failure to enforce honesty and transparency. The principle mechanism of the market—free and fair competition—has therefore failed to operate’.
We agree.

All of our campaigns—on unfair contracts, tax and construction subbies—are directed to greater honesty and transparency for small business people in their dealings with large organisations. This contributes to improved free market functioning.

 

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