Fall of the Berlin Wall, 1989

November 9, 2009, is the 20th anniversary of the fall of the Berlin Wall. The 150 km long Wall divided Germany, both physically and ideologically, for four decades. The fall of the Wall, triggered a political earthquake that signaling the demise of the communist tyranny in eastern Europe, and beyond. Following is my contribution on the occasion.

Communism was characterized by its contempt for private property, by the complete control of the state over the economy, and consequently, by its disregard for price as a signal of scarcity and guide for investment. Over the past two years, the foundation of global finance has been shaken, not because of any Marxian foresight, but because of the failure on the part of the capitalist world to appreciate the relationship between property ownership and valuation of that property.
To read, please visit In Defence of Liberty, "Berlin Wall 1989: Collapse of Communism - Lesson for Capitalism"

A version of the same article is published in the Financial Express newspaper, titled "Writing on the Wall", on Nov 10, 2009