Sorry to divert the topic a tad, but I wanted to raise an interesting political discussion point in relation to something said by
@Dave in another thread. In the thread about the closure of Studios North, he said the following:
I din’t disagree with what Dave says (given that the financial status quo evidently isn’t working for many, I feel that some form of wealth redistribution is the main tool in our economic arsenal left to try), but I have a question. In the view of the people on here, is there ever a point where the inverse happens, and the wealth distribution goes too far in favour of workers?
Now I’m by no means saying that we’re anywhere near that point here in the UK; it’s more of a hypothetical question. I do think the UK could do with some degree of wealth redistribution to solve the large-scale inequality that currently exists.
However, I do feel that if you take wealth redistribution to its absolute extreme, you’ve effectively got communism, and a lot of case studies of countries with communist economic policy are incredibly poor. The most successful example of communism in practice is probably Cuba, and even that is still a pretty poor country.
My view, admittedly without an overly strong knowledge of economics, is that some form of centrist or middle-ground economic policy is the most ideal. Enough wealth redistribution to ensure that there’s no crushing inequality and enough money to fund a healthy welfare state, but also little enough wealth restriction to allow for some form of free market and financial prosperity. I think taking the best bits of both left-wing and right-wing economic policy, merging them together and compromising a bit to get the best of both sides is the best approach.
What does anyone else think?