In the "modern" management of the free market it is widely accepted that there should be safeguards to ensure that the principles guiding how the market functions are being observed by all participants. So even among the hardcore apostles of the free market, agreement emerged that the state should make certain that "free" competition is not abused by a company which say, would have acquired a dominant position in the market.
Beyond such purely economic considerations, with time it was realised as well that similar safeguards needed to be introduced to cover social objectives, to ensure for instance that consumeers' interests or the protection of the environment are being safeguarded. Closer to the present, criteria that relate for instance to racial or gender discrimination came into the picture.
Whether in the operations of the "free" market too many regulations have been created that hamper economic growth, has become an ongoing controversy. The man who developed this argument most strongly was US president Ronald Reagan. It remains on today's agenda. This has increasingly been the case in the EU, where the protection of the "free" market coincided with the need to build a new and united continental market. The controversy swings first to one side - too much regulation - then to the other - too little.
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OECD
What happened to the proposal for Malta to join the Paris-based Organisation for Economic Cooperation and Development (OECD)? Some time ago, the government announced it would be applying for membership finally - a worthwhile decision. But then, we heard nothing further.
It's true that the OECD as a group, consists mainly of rich developed countries which follow a number of rules that might appear burdensome to Maltese administrators. But at the same time, it is preserving a framework for economic management and information that underwrites the financial reputation of countries which subscribe to it. Not least in the field of taxation.
Recently the OECD published their annual report about the countries which have the most effective taxation systems. Not being part of OECD, Malta is not mentioned in the report, contrary to all the other EU members.
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TENSION
From what I read, see, hear, the tension among Americans as they wait for the US presidential election to take place is huge and growing. Perhaps like never before.
Certainly it is a contest for the most important political job on the planet (as of now). But has it not been like so for the past century, at least? It also happens that the two candidates are really close to each other in the vote count, not people-wise as much as by way of the state delegates who will vote in the convention that chooses the president. In this too, this year's election is not so different from some other elections, when the same tension was not felt.
Could it be that this is the result of the personal polarisation which since he became the leader of the Republicans Donald Trump managed to introduce? I do not remember that ever before, there was such a big outpouring of mutual insults between Democrats and Republicans as have been registered in the last few weeks.
As we know from the Maltese experience, when politics are run in such a mode, tension grows fast. That applies even more when it happens across a continental spread such as that of the US.