Why Taiwan Hasn’t Shut Down Its Economy

Mises Wire
Date: March 26, 2020
By: Javier Caramés SanchezWilliam Hongsong Wang

As the Austrian school of economics demonstrates in the calculation theory of socialism, no central planning body has the capacity to organize society based on coercive mandates. The main reason is that the central planner is unable to obtain all the necessary information to organize society in this way, as information has subjective, creative, dispersed, and tacit qualities. This principle is fully applicable to the containment of a pandemic. Individual responsibility along with transparency of information are crucial to stopping a pandemic. Taiwan makes a very good case for how individualism and voluntary corporation work effectively in resisting the coronavirus pandemic.

Close to the Chinese Mainland, but Relatively Few People Infected

At the moment in Taiwan, the infection has been completely contained despite being one of the countries with the highest risk of suffering a pandemic, given that the Republic of China (ROC) is very close to the Chinese mainland (the People’s Republic of China (PRC)). Until January there were flights between Taiwan’s capital, Taipei, and the epicenter of Wuhan, China. However, as of March 21 there were only 153 infected at the same time that Europe, far away from the Chinese mainland, has more than ten thousand affected by the coronavirus. However, in Taiwan and other parts of Asia, including Singapore and Hong Kong, no massive mandatory quarantine or containment has been applied so far.

How did Taiwan achieve this?    [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.