A Book To Read

I have just finished reading a book called "Road to Serfdom" by an economist named F.A. Hayek, and I thoroughly recommend it. It was written in the 1940's and analyses the reasons why Germany became the tyranny that it was during the Second World War, and why the whole concept of socialism will always become a dictatorship, due to the choices that the people who are put into the planning role have to make. It was a very interesting book, although I have to admit it's not a light book. The sentences are so long! You have to read the paragraph a few times to understand what he was trying to say. Good bedtime reading material.

I used to believe that the equalities of people in the world could be achieved through some sort of redistribution and planning, but am now a lot more convinced of the smaller government and free market abilities to increase wealth. However, I still have faith that one day we will have a Star Trek universe, where the quest for knowledge, rather than the quest for wealth, is the driving force of mankind :)

I did meet a professor on the way back from Melbourne who noticed I was reading the book, and we started talking about it. The only problem with a smaller government, he added, was the fact that it sometimes is too small to assist in bringing more competition into the marketplace to decrease the power of the monopoly. As he was a professor from MGSM, I assume he knew what he was talking about!

There's another book, "Atlas Shrugged", I think it's called. Anyone read that? I've heard it's quite good.

Damn! seven cheap calls already:

atlas shrugged is also a deep long book. a bit long winded in some areas but poses an interesting macro views. ask jay, he's more well versed with Ayn Rand's work.
alvina - 28 August '04 - 19:24

That professor was right IMHO; weak government will lead to a poor level of social benefits, which leads to civil unrest and possibly even civil war. Civil war = no FDI. No FDI turns Singapore into Nauru. And as we all know, Singapore rocks, while Nauru is just a bunch of them.
ricegrains (link) - 28 August '04 - 19:51

you can have civil war and FDI - granted, its not ideal, but just ask parts of Africa, or central asia for that matter. maybe its not the FDI that counts, its the LKY...

Effective govt doesn't need to be big govt. In my view govt provides the incentives and the safety net (oh remember that term). The safety net recognises the market isnt perfect and that the market fails. But the market also works (right, mike moore?)

Kev, next you should read "the right nation - a history of conservative power in america".
bjee - 30 August '04 - 14:51

I'm reading "Atlas Shrugged" now. It's a bit more challenging than Ayn Rand's other novel, "the Fountainhead" (a novel that's had a profound impact on many I know who've read it) but so far it's been worth the struggle.

Ayn Rand has been called a fascist for her views. Indeed, her views are quite extreme and advocate an extreme form of free market capitalism and nurture a kind of cult of the individual - something anathema to anyone with a sense of altruism - while also mocking institutions and individuals that harbour a purported sense of corporate or social responsibilty.

Interestingly, both these books are favourites among the right wing intelligentsia, including Ross Cameron and John Howard.
-Stephen- (link) - 30 August '04 - 20:28

Apropos Singapore, it's certainly strong and big government that keeps the LKY dynasty entrenched in power. Singapore's lack of democracy is only tolerated by modern-day culturally apolitical Singaporeans because its sound fiscal management thus legitimises the regime. Singapore has instituted a strong system of forced savings (that's why they own half of Sydney's icon properties through GIC) while having virtually no unemployment insurance and with very modest social assistance schemes.

Essentially, although government is run like a streamlined modern-day corporation, without a system of democratic accountability and transparency to its constitutents, it will remain to be seen whether a climate of widening income inequality (esp between Chinese and Malays) is sustainable.

In my opinion, it's nepotism at its finest.
-Stephen- (link) - 30 August '04 - 20:46

Ayn Rand's theories aren't bad in theory, but dont work in reality. Atlas Shrugged is a great book tho
al - 31 August '04 - 23:57

Yep, bjee and Stephen, will add them to the collection.

Good to know that I do have some intellectual readers on this blog :)
JookBoy (link) - 02 September '04 - 06:10