Dubai and the Great Free Market P.T. Barnum Sheiks

I found this ironic statement by the Wall Street Journal's Michael Casey as an open admission that the Ayn Rand free market theories of deregulation are bad for economic stability and business. It's going to be hard to argue against a regulated financial system based on accountability.

Dubai's troubles offer a warning of the perils of investing in places where leaders--whether of governments or companies-have limited accountability. In the absence of democratic institutions, the UAE's sheikhs are not required to explain themselves. And as the majority owners of many of the biggest companies, they face no checks and balances from minority
shareholders. Meanwhile, contract law is fraught with the uncertainty of a legal system that's low on judicial independence.

Republican ideologues should take notice. But you know they won't.

Note: Remember when Bush wanted to turn our major ports over to Dubai? I guess things could have been worse, huh?