I had always thought that in order to help people of the world to prosper, we must teach those in underdeveloped countries how to be entrepreneurs, showing them the better way to prosperity. How wrong I was. The idea of the "free market" can be imparted with difficulty. The benefits of the "invisible hand" must come to those prepared to receive it. Those cultures receptive to this idea are the final determinants to success in business. The history of efforts to persuade people to become free marketeers is a history of many defeats and few victories. Let me give you an example: a group of volunteer economists went to Ghana to teach the natives how to be entrepreneurs in order to better their lives. One of the Ghanian students said, "What you have told us is very interesting, but I will have to clear it with my tribal leader." Obviously, this effort was not the way to go. Culture trumps reason Another example of the absence of...(Read Full Article)