Socialism’s Empty Promises

Published: October 17, 2016

If You Want To Help People, Is Socialism The Answer?

Many Americans believe socialism to be a form of social kindness by the government. But true socialism isn’t a social safety net. It is when the government controls most prices, businesses, property, and other aspects of economic life. The historical record of socialism has been wrecked or stagnating economies and flagrant human rights violations. The truth borne of a hundred years of hard experience is that people do not prosper in socialist countries.

Discussion Questions

1. What distinguishes a socialist economy from a freer economy with a large welfare state?
2. Why don’t socialist economies prosper or feature new products or globally competitive companies?