The greatest economic fallacy of the modern era is a belief that man knows better than the market. The contrast between the market driven growth rates enjoyed by the US and China with the collapse of a centralised command and control effort by the Soviet Union tells a powerful story. But it has never been easy for politicians to step aside and let the market’s invisible hand do the work.

Getting into power often fools them into believing that because voters want populist economic policies, these actually work. Time and again – Cuba, Venezuela, Argentina, Zimbabwe, etc – the outcome of market suppression has been disastrous.

Economic growth happens when you get the incentives right. Excessive interference, no matter how well intentioned, always leads to misery through expanding poverty. India is the latest example proving this reality. After 60 years of well-intentioned socialist intervention, the nation voted in a political party which recognises the power of the market.