Last week, The New York Times reported that the Castro brothers opened a special Cuban business zone where foreign companies "would be given greater control over setting wages at factories. … (P)roposals would be approved or rejected within 60 days." That's right: If bosses want to give someone a raise, they have to wait up to two months for government approval! Yet the Times said that the zone offers "big incentives for investors."
That sort of economic cluelessness can be pretty standard for the Times, laments John Stossel. Times writers constantly call for more government, "job protections," etc. Few of them have ever run a business or invented something new themselves. If they had, they might understand this obvious cause of government failure.