Friday, November 18, 2011
Monaco and Economic Success
I am very grateful for that and I can salute such liberalism for their sincerity in their devotion to these causes. However, the story of the success of Monaco is largely (but not entirely) a success story of capitalism. Furthermore, the Princely Family would not be able to champion so many worthy causes were it not for the economic independence that came with the House of Grimaldi becoming a very wealthy family, roughly since the establishment of the gaming industry, which had certainly not always been the case in the more than seven centuries of Grimaldi rule over Monaco. Before capitalists get too excited, it must be said that a large part of the economic history of Monaco has been one of government controls in certain areas and extensive use of monopolies. However, in other ways, the economic policies which have made Monaco such a haven of prosperity are policies which many capitalists would support and only wish they could emulate in their own countries around the world. Capitalists would not agree with everything but I think they would be more happy than the socialists if more countries looked to follow the example of Monaco in trying to imitate their model for prosperity.