The following is a quote from my book "Placing Australians on a fast Elevator to the future". The world is entering an uncertain future. We need to understand the pathway that will lead to a better future. I believe that pathway is to transfer as much power, as much responsibility (personal empowerment and responsibility) as possible to individuals and society. Personal empowerment means reducing the size of Governments and splitting up monopolies. Here is the quote -
"If you believe in Darwinism you will believe that the human species is evolving backwards as the natural selection process has stopped (a subject people understandably do not wish to talk about). Our society also evolves the same way, in part as a result of competition and natural selection among producers and providers. There is a difference, with biological evolution, genetic mutation and variation results in new pathways branching from existing pathways, whereas, in Social and Technological evolution, innovation can come from nowhere and completely bypass (leapfrog) existing pathways.
Existing products and services can become redundant pathways when a new concept leapfrogs and bypasses them. Three examples are mainframe computers (remember IBM’s dominance), film processing and typewriter pools.
New technology cannot be predicted, who knows what may be forming in someone’s head somewhere in the world right now. It comes at us from totally unexpected quarters. Who could have foreseen the internet forty years ago? Who could have foreseen the possible redundancy of the rocket industry as a means of reaching space (will be explained later in the book)? It has regularly been stated that technology is reaching its limits; this is due simply to the fact that new technology cannot be envisaged by everyone except those working on it till it becomes public.
The failing of Government is that no individual or can foresee into the future. No individual or can predict or control all the individual components, their price changes, scarcity etc. that goes into a manufactured product. No individual or can predict consumer preference now and into the future. Because of the millions of interactions within the private sector, the thousands of ideas the marketplace is testing, No individual or can determine what may become a redundant pathway. Only the free market and price mechanism can constantly test products, ideas and services.
A certain of bankruptcy is the markets way of weeding out both inefficiency and failed ideas. A small of bankruptcy, although heartbreaking and soul destroying for those involved, is part of a healthy economy and frees up resources.
When Governments try to pick winners and losers through tariff protection, subsidies, tax breaks and grants they invariably get it wrong".