by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Less than three decades after the fall of the Berlin Wall, socialism seems to be undergoing something of a revival.
A self-professed “democratic socialist” is running for the Democratic presidential nomination, and he is running neck and neck with a party icon. Polls show that more than a quarter of Americans have a favorable opinion of socialism, which might not sound so bad until you learn that that includes 43 percent of those under age 30, and 42 percent of Democrats. Meanwhile, barely half of Americans have a favorable view of capitalism. Democrats, in fact, are as likely to view socialism positively as they are capitalism.
What accounts for this collective historical amnesia?
Perhaps people can be forgiven for having come to the belief that capitalism is synonymous with Wall Street shenanigans or bank bailouts. That’s what politicians, academics, and the media have pounded into us for years. When was the last time you saw a movie where businessmen weren’t greedy and evil, if not outright murderers. Perhaps we need to be reminded of what free-market capitalism really is, and how much better it has made our lives.
After all, if one looks at the long course of human history, our existence was pretty much hand to mouth for most of it. All that began to change in the 1700s with the development of modern — that is, capitalist — economics.
But one doesn’t have to go back 300 years to see the advantages of free-market capitalism. Consider that in the last 25 years, a period during which much of the world has embraced free markets, a billion people have been lifted out of poverty, and the global poverty rate has been slashed from more than 37 percent to less than 10 percent.
Read more at: http://www.nationalreview.com/article/431071/socialism-v-free-market-capitalism