Interesting read Dr. Abdullah, do you believe that political forces manipulating markets to increase barriers to entry is a global issue? If so, what strategies can be implemented to reduce such influences? Especially in countries where a small number of the general population control most industries
The concentration of wealth and growing income inequity become a concern when it also grants political influence. Political barriers to entry are in opposition with capitalism. In the case of the United States, there isn't much to be done. The people voted for it.
In the long-run, better education and understanding of economics, policy, and outcomes will help citizens make more informed decisions.
What about countries with no democracy and the people don’t get much of a say. Such as growing economies in 3rd world countries where the minority control both politics and the wealth? Is there anything that can be done in such cases?
It is ironic. I will say that even in Texas it was not as easy as people think to open a business. We had to get the health department certified, ensure proper zoning, have a grease trap plan (for a cookie shop by the way), maintain certified labor requirements... the list went on and on. Thatvwas in Texas. I know someone trying to open a bakery in California and they have been dealing with it for 3 years. My wife constantly gets told she should open a bakery (like on Thursday this week), but we know the high quality product is not the only thing to consider. We will never have a customer facing business again due to the litany of odd and subjective things local governments do. This was a simple business to provide a place for my wife's baking talent. Not something like a redundancy reduction business or advancement in medical care. How many more talented people are simply doing things for themselves rather than advancing the market. Incentives matter.
I hear you! I had a consulting LLC and a real estate LLC. I liquidated them because managing the administrative, tax and legal, paperwork became a full-time job.
Interesting read Dr. Abdullah, do you believe that political forces manipulating markets to increase barriers to entry is a global issue? If so, what strategies can be implemented to reduce such influences? Especially in countries where a small number of the general population control most industries
The concentration of wealth and growing income inequity become a concern when it also grants political influence. Political barriers to entry are in opposition with capitalism. In the case of the United States, there isn't much to be done. The people voted for it.
In the long-run, better education and understanding of economics, policy, and outcomes will help citizens make more informed decisions.
What about countries with no democracy and the people don’t get much of a say. Such as growing economies in 3rd world countries where the minority control both politics and the wealth? Is there anything that can be done in such cases?
It is ironic. I will say that even in Texas it was not as easy as people think to open a business. We had to get the health department certified, ensure proper zoning, have a grease trap plan (for a cookie shop by the way), maintain certified labor requirements... the list went on and on. Thatvwas in Texas. I know someone trying to open a bakery in California and they have been dealing with it for 3 years. My wife constantly gets told she should open a bakery (like on Thursday this week), but we know the high quality product is not the only thing to consider. We will never have a customer facing business again due to the litany of odd and subjective things local governments do. This was a simple business to provide a place for my wife's baking talent. Not something like a redundancy reduction business or advancement in medical care. How many more talented people are simply doing things for themselves rather than advancing the market. Incentives matter.
I hear you! I had a consulting LLC and a real estate LLC. I liquidated them because managing the administrative, tax and legal, paperwork became a full-time job.