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1. Political and economic activity are motivated
primarily by perceived self-interest.
2. Immediate self-interest is more powerful than
deferred self-interest unless one believes that the benefits of deferred
self-interest will be equitably distributed.
3. Therefore just laws, strictly and equitably
applied by a legitimate authority, are required if deferred self-interest
is generally to prevail.
4. Productive activity in pursuit of deferred
self-interest is the source of wealth.
5. The following conditions stimulate such productive
activity: just laws equitably applied; individual rights and freedoms; security
of property and person; political and economic stability; education; equitable
distribution of opportunity; equitable distribution of wealth; developed
infrastructure for production, transportation, and communication; available
credit; a stable currency.
6. Neither a pure market economy nor a
State-controlled economy is conducive to the development and maintenance
of these conditions.
7. The proper balance of State intervention and
market control is measured economically but determined
politically.
8. While temporary restraints on trade may be
beneficial, in general the freer the movement of goods, services, and investment,
the greater the stimulation of productive activity, and therefore the greater
the wealth.
9. The productive activity of each contributes
to the wealth of all. This is as true of nations within the world economy
as it is of individuals within a national economy.
10. The globalization of political and economic
activity will increase global wealth only to the extent that the conditions
listed in (5) above prevail globally.
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