Check this out from Claudia Rossett in the Wall Street Journal:
One of the truths wrested at great cost from the grand social experiments of the 20th century was that the prerequisite for prosperity--if we are speaking of wealth for the many, not just for a ruling few--is freedom. It is not only by smothering free speech or jailing loyal opposition that dictators keep control. It is also by decreeing--in ways that suit the pleasures of the ruler, not the ruled--the rules and conditions under which people may seek work, earn money, own property and buy what they need to feed their families and otherwise pursue happiness. With every reasonable choice that gets cut off by dictatorial rule, with every payoff that must be made to authorities who exist for no other purpose than to please themselves and collect tolls, more human energy and talent and knowledge goes to waste. (read more)This ties directly to the article I wrote last fall, "IMF and the Social Benefits of the Stock Market," but puts things together much better. Thanks to Rudy at UrbanOnramps for this.
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