A couple months ago, Forbes had a piece on barriers to riches in the Middle East. An Egyptian who started a business in the United States explains
"All it takes is $150 here to make a corporation, a couple of thousand to rent office space and a couple of thousand for bond. In Egypt, it costs half a million Egyptian pounds, $150,000, for a license to begin the same business,"
We take it for granted in the United States that you can incorporate a business quickly and for little cost. In many other countries, the bureaucratic approval process is lengthy, with a need to bribe several layers of officials.
Discussion Question. If the United States makes it much easier to start a business than other countries, and the United States allows immigration, what do you expect to happen to the entrepreneurial culture in other countries?
