![]() ![]() As he goes about booking his travel, he realizes he can’t afford the trip, because the government’s capital controls mean that sterling is undervalued relative to the dollar. Imagine a hypothetical British holidaymaker in the aftermath of the Second World War set on taking a vacation in the US. Why not? Well, economic and political freedoms are actually interdependent and, if you curtail the former, you also limit the latter. In reality, you can’t mix the state-led socialist economy of the Soviet Union with the individual political freedoms of the US to create a kind of “democratic socialist” society. Follow that approach to its logical conclusion and you soon end up with the idea that any political system can be combined with any economic system.īut that’s a mistake. ![]() We typically learn that economics is about material well-being, while politics is about individual freedom. Economics and politics are often taught as separate subjects in school. ![]()
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