And if you’re a big socialism advocate but have never lived under it, how do you know it works and that you actually like it? AND if socialism is so great, why do people keep fleeing socialist countries to come here?
Patrick Barron at MisesInstitute breaks down the economic problem in the European Union. It’s not pretty. Here’s a little excerpt:
Socialism will not work, whether in one country, a multi-state region such as Europe, or the entire world. Ludwig von Mises explained that socialism is not an alternative economic system. It is a program for consumption. It tells us nothing about economic production. Since each man’s production must be distributed to all of mankind, there is no economic incentive to produce anything, although there may be the incentive of coercion and threats of violence. Conversely, free market capitalism is an economic system of production, whereby each man owns the product of his own labors and, therefore, has great economic incentives to produce both for himself, his family, and has surplus goods to trade for the surplus product of others. Even under life and death threats neither the socialist worker nor his overseer would know what to produce, how to produce it, or in what quantities and qualities. These economic cues are the product of free market capitalism and money prices.
Read the full article here at MisesInstitute.
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