You take the case of the United States during the 19th century and of Britain in the 19th century. At the time of Queen Victoria’s Jubilee in 1899, total government spending in Britain was 10% of the national income. Up until 1929 in the United States, except for periods of great war, total government spending in the United States was about 10% of national income. Now that is a very far cry from a government which spends over half of the national income- and a little less than half in the United States. You are opposed to capital controls. You are opposed to telling people they can’t move their money internationally. That is what Korea does. You are opposed to- I think Korea makes a mistake by doing it. Korea has beaten us by exactly the policies that you’re opposing So has Hong Kong. Hong Kong has beaten us by the policies I am proposing. If Korea is not a middle way and if Sweden is not a middle way, then I would like to know what you’d call it. Korea is a lot closer to a market-oriented economy than any of the economies we have been talking about. The government approves the heads of the banks in Korea. It does, but- They have nationalized their steel industry and have one of the most efficient plants in the world at Pohang. If you call that a private economy- What fraction of resources in Korea goes through the government? A tremendous fraction if you take account of the fact that the banks are centrally run and they control the credit allocations there and they don’t let people take their money out of the- I would like to bring this discussion back to the United States for a moment. What about socialism in the United States? There has been one area where we have tried to redistribute wealth. We have done that through our welfare policies and Social Security. Has that worked? Some people it benefited, but taken as a whole, I think it has been a failure. I agree with that. I think the big problem in the United States has been, of course, some of the welfare programs have been successful. But by trying to do too many things, the government is no longer doing the things that it should be doing. We all agree there are many things government should be doing. I agree with Milton- it’s a strong man to say there’s an issue between no government and 100% government. The question is: what are the tasks the government should be doing? I believe the tasks are of course: defense against outside aggression, internal protection, some infrastructure, protection of the people who can’t make it, a safety net. In every one of these areas, we’re not doing very well. And I think we are not doing well mainly because we are trying to do a lot of things we shouldn’t be doing.