Editorial

Dear Editor:

Some of you older readers may recall the name of South Korean lobbyist Tongsun Park, a flamboyant international lobbyist who died this past week. Back in the 1970s, he was intricately involved in the politics of Louisiana. Then Governor Edwin Edwards was able to persuade Park to arrange for the Korean government to purchase millions of dollars in South Louisiana rice. Some would argue that if it were not for Edwards’ persuasive powers, Louisiana rice farmers would have faced a disastrous year. Instead, they made record profits.

Prior to WWII John Maynard Keynes and the Keynesian economic profession had convinced Britain that Socialism was preferred over free-market Capitalism. However, that started to change during WWII—and what Friedrich Hayek, a young Austrian economist, witnessed in both Britain and Germany was documented in his classic book ‘The Road to Serfdom’ published in 1944 in America for the benefit of a British audience.