Not much has changed - except the totals - since I noted yesterday that deaths due to the tsunamis in the Indian Ocean are inversely related to economic growth, economic freedom, and the pro-business stance of the government. For example, Sri Lanka still has 12 times as many deaths as Thailand, even though the latter is 1) closer to the epicenter, 2) in the midst of a bustling tourist season, and 3) just across the water from Indonesia which had 18 times as many deaths.
The message is that the Thais have been doing something right.
Fact is, they've been doing it for a long time. These areas were all comparable economically as recently as 50 years ago. But the Thais lined themselves up with the U.S. in the 60s (when that wasn't popular), and are still denigrated in the West for their sex trade. Funny, while no one was paying attention they were also doing things that would save lives in 2004.
Economists aren't shy about putting a price tag on these things either. We value a human life at about $10,000,000. (There's a big ballpark around that number, but its approximately correct, and round). At that rate, Sri Lanka lost $187 billion in human lives as of this afternoons estimate. Even if we knock off 90% of that (under the horrific notion that somehow Sri Lankans are worth less than Americans) we're still talking $20B.
Does anyone really think that Thailand spent anywhere near that kind of money to protect the thousands of people who could've died in this tragedy - but didn't - because they had the good fortune to be in Thailand instead of Sri Lanka? Of course not.
But, what Thailand does have, and has had for over a generation, is a richer and freer society than its neighbors. And its greedy rapacious free thinking capitalists somehow invested enough in infrastructure while abusing the masses that they saved a lot of lives. There is an economic growth recipe that Thailand followed and its neighbors didn't.
So, let me be the first to say that the anti-business, anti-profit, anti-capitalist policies of many countries are nothing short of murderous. But this can often be hidden ... until a disaster hits and proves it. These aren't policy experiments ... or differences of opinion ... or local ideas for local societies ... they're crimes against humanity.