Consider an industry for some product P. There are one thousand producers in this industry, all producing P with the same technology and identical costs of production. All producers are earning a normal profit, that is the minimum profit required to keep them in this business. The market for P is free on both the demand and the supply side.
First, let us assume that the industry for P is located in a Protestant country. What are the producers of P going to do with their market freedom? Since these are people capable of independent thinking, each one of them is going to think of new ways or technologies to produce P at a lower cost or to produce a higher quality P for the same cost, thus benefiting himself and society. This is the great benefit of a free market in a Protestant society: innovation.
Now, let us assume that the industry for P is located in a Catholic country. What are the producers of P going to do with their market freedom? Nothing, for they are unable to think independently and for themselves. In a Catholic society no innovation can be expected from a free market.
First, let us assume that the industry for P is located in a Protestant country. What are the producers of P going to do with their market freedom? Since these are people capable of independent thinking, each one of them is going to think of new ways or technologies to produce P at a lower cost or to produce a higher quality P for the same cost, thus benefiting himself and society. This is the great benefit of a free market in a Protestant society: innovation.
Now, let us assume that the industry for P is located in a Catholic country. What are the producers of P going to do with their market freedom? Nothing, for they are unable to think independently and for themselves. In a Catholic society no innovation can be expected from a free market.
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