Part One -
The same economic system will perform differently from country to country, even if all non-cultural variables are held constant.
Part Two -
For each subject population, there exists a unique, and optimal potential economic system.
Explanation
Assumption
An economy is affected by every behavioral factor.
Policies and laws are critical behavioral factors, but their net effect is relative to the culture of the subject population.
Fiscal, monetary, and trade polices are critically inter-related with a nation's internal commerce, equity, and common resource laws.
The universe of cultural factors are just as important. It is inextricably intertwined with laws and policy. It is almost chicken and egg forensics: Religion, Mores, Norms and Values versus Economic Policy.
American example
It could be argued that America evolved as a function of our mix of cultural attributes, interacting with geography and events.
The following examples can be explained as either factors or indicators of our heritage:
o Our self-manifest ethics
o Our association with Natural Law
o The net influence of Physiocracy and Post-mercantilism
o Our synthesis of Common, Equity law and Napoleonic Code.
Conclusions
It can be argued that our heritage economic model evolved with our heritage.
For a given set of static geo-political conditions, the potential equity, and efficiency of a Capitalist model is relatively predictable for a purely capitalist culture. We cannot, however, expect the same modulus to register for a culturally different population set.
Yes, as a capitalist, one may prefer Capitalism. This does not mean, however, that one should expect their fellow citizens to make a smooth transition into Capitalism.
In short, the potential for a meaningful application of a particular economic model is relative to the net culture of the subject population.
Application
Until a significant, collective appreciation for capitalism is attained, it remains elusive.
Caveats
Caveat One - None of the above should be construed to mean that alternative economic models are equitable for the capitalist.
Caveat Two - None of the above should be construed to mean that alternative economic models will register higher values of efficiency, productivity and equity than an Honorable Capitalist model that operates within in an honorable capitalist culture.
