Daily Insider: China’s Covid craziness confirms: markets work, man-made controls don’t.

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China's Covid craziness confirms: Markets work. Controls don't.  

If there is one lesson the world can draw from the past three years, it is confirmation that command-and-control of a modern economy just doesn't work. Poster boy for this approach, Communist China, is once again teetering on the brink of economic implosion after a new variant of Covid-19 has been discovered there.

So while the rest of mankind return to normality, China faces a new crises. Its strictly imposed One Child policy, introduced in 1979, means China's population is aged and thus highly vulnerable to Covid. Sealing them off is fine if you get them properly vaccinated and manage to keep the disease out. We now see China failed on both counts. 

Covid has proved quite capable of overcoming China's barriers. Just like economic forces always beat man-made obstacles. America's Founding Fathers opted for freedom and enterprise rather than command and control. The result is 5% of the world's population who live there generate 25% of global wealth. It's not too late for the rest of the world, including SA, to accept this reality. Markets work. Controls don't. 

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