I had retired in Vietnam, but that is not to be. Well Cambodia seems freer and in many ways better, so it is for the best.
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Tuesday, September 23, 2014
Sometimes outmoded industries with dinosaur management in the habit of
caving to unions all the time, or who have no choice and the union is
unreasonable and selfish, need to be allowed to go. A nation is better
off buying from foreigners if the foreigners can produce it cheaper --
that way the nation doesn't waste money on subsidies or barriers -- and
can concentrate on what it does best. The economic process is called
"creative destruction" and means that it is foolish to try to hold onto
old industries when their time has come.
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