Socialism and Free Market Capitalism: The Human Prosperity Project

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Essays

Socialism, Capitalism, And Income

by Edward Paul Lazearvia Socialism and Free Market Capitalism: The Human Prosperity Project
Tuesday, May 12, 2020

Proponents of free-market capitalism extol its high economic growth and freedom of choice. Advocates of socialism protest that capitalism is harsh and leaves too many behind. They argue that socialism is more benevolent. Most important is that if socialism is better for the poor, then low-income groups should fare better under socialism than under capitalism.

The Human Prosperity Project On Socialism And Free-Market Capitalism

Tuesday, February 25, 2020
Hoover Institution, Washington DC

The Hoover Institution launched a new initiative, The Human Prosperity Project on Socialism and Free-Market Capitalism on Socialism, a discussion with leading scholars was hosted, on Tuesday, February 25, 2020 from 6:00 PM - 7:00 PM EST.

Event

Hoover Institution Launches New Initiative Aimed At Educating Americans About Socialism And Free-Market Capitalism

Monday, February 24, 2020
Hoover Institution, Stanford University

The Hoover Institution has established a new initiative aimed at educating Americans about the arguments and consequences of the modern world’s dominant, conflicting, and most fiercely debated economic systems: socialism and free-market capitalism.

Press Releases
Essays

Capitalism, Socialism, And Freedom

by Peter Berkowitzvia Socialism and Free Market Capitalism: The Human Prosperity Project
Monday, February 24, 2020

Despite the fundamental distinction between the two, misunderstandings of capitalism and socialism — and their implications for freedom — abound, and usually in favor socialism. In these circumstances, a return to the basics is warranted. The 17th-century writings of John Locke in defense of political and economic freedom and the 19th- century critique by Karl Marx of political and economic freedom represent classics of the genre. 

Essays

Capitalism, Socialism And Nationalism: Lessons From History

by Niall Fergusonvia Socialism and Free Market Capitalism: The Human Prosperity Project
Monday, February 24, 2020

Schumpeter warned that socialism might ultimately prevail over capitalism, for four reasons. Creative disruption is rarely popular. Capitalism itself tends towards oligopoly. Intellectuals are susceptible to socialism. So are many bureaucrats and politicians. Socialism had manifestly failed everywhere it had been tried by the 1980s, apparently proving Schumpeter wrong.

Letter From The Editors

Letter From The Editors

by Scott W. Atlas, Edward Paul Lazearvia Socialism and Free Market Capitalism: The Human Prosperity Project
Monday, February 24, 2020

With this issue, scholars at the Hoover Institution are launching a program designed to evaluate free-market capitalism, socialism, and hybrid systems to determine how well the various governmental and economic forms promote general well-being and prosperity. The project is particularly important and timely, given recent interest in policies that are radical from a US historical perspective, some of which are advocated by political leaders and presidential candidates.

Research Team

Over the last century, free-market capitalism and socialism have provided the dominant interpretations, and conflicting visions, of political and economic freedom.

Free-market capitalism is characterized by private ownership of the means of production, where investment is governed by private decisions and where prices, production, and the distribution of goods and services are determined mainly by competition in a free market. Socialism is an economic and political system in which collective or governmental ownership and control plays a major role in the production and distribution of goods and services, and in which governments frequently intervene in or substitute for markets. Proponents of capitalism generally extoll the economic growth that is created by private enterprise and the individual freedom that the system allows. Advocates of socialism emphasize the egalitarian nature of the system and argue that socialism is more compassionate in outcomes than is the free market. The Hoover Institution’s Prosperity Project on Socialism and Free-Market Capitalism investigates in an objective and scholarly manner the historical record to assess the consequences for human welfare, individual liberty, and interactions between nations of various economic systems ranging from pure socialism to free-market capitalism.