Shahbaz Baloch joins the ASI


As a keen economist (free market economist of course!) I consider it a great privilege to have the opportunity to work at the Adam Smith Institute. I look forward to this week at the ASI and hope to learn a lot about economics and politics. Besides Economics I recently sat AS exams in Politics, Maths and Physics. My main interests lie in political economy and I hope to apply to read Philosophy, Politics and Economics at Oxford University. To me these are the subjects that really govern our lives, day in and day out, and only by studying them can we truly understand not only the workings of a society but also of human nature itself.
There has been a lot of cynicism and criticism surrounding the capitalistic system which I myself hold dear, but the thing these critics fail to realise is that long-term prosperity sometimes requires short-term losses. All Gordon Brown’s ‘cushioning’ of the economic cycle during the Blair years did was to prevent those losses from happening naturally, so that they gradually built up into much larger problems – as is evident in today’s political economy. So let's not look at this crisis as a systemic failure of the free market but of an economic trough, which has been magnified by poor governance.