Socialism and Free Market Capitalism: The Human Prosperity Project

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Impacts of Government-Sponsored Programs

Thursday, December 3, 2020
Hoover Institution

The Hoover Institution presents an online virtual speaker series based on the scholarly research and commentary written by Hoover fellows participating in the Human Prosperity Project on Socialism and Free-Market Capitalism. Tune in on Thursday, December 3, 2020 a11:00 am PT.

Event

Democracy and Authoritarianism

Thursday, November 12, 2020
Hoover Institution

The Hoover Institution presents an online virtual speaker series based on the scholarly research and commentary written by Hoover fellows participating in the Human Prosperity Project on Socialism and Free-Market Capitalism. Tune in on Thursday, November 12, 2020 a11:00 am PT.

Event

Perspectives From Germany, China, And Hong Kong

Thursday, October 15, 2020
Hoover Institution

The Hoover Institution presents an online virtual speaker series based on the scholarly research and commentary written by Hoover fellows participating in the Human Prosperity Project on Socialism and Free-Market Capitalism. Tune in on Thursday, October 15, 2020 a11:00 am PT.

Event
Essays

How Freedom Is Caught Between Socialism And Capitalism In The Indo-Pacific

by Michael R. Auslinvia Socialism and Free Market Capitalism: The Human Prosperity Project
Monday, October 12, 2020

The world is about to witness a demonstration of whether an authoritarian state can take over a free society and keep it economically flourishing while individual rights are increasingly extinguished. If that sounds like a paradox, it is, given that the historical record includes no examples of such a transition to authoritarianism where, ultimately, economic growth and development continued while freedom languished.

Essays

Our Socialist Future?

by Victor Davis Hansonvia Socialism and Free Market Capitalism: The Human Prosperity Project
Thursday, October 1, 2020

After the May 25, 2020, death of George Floyd while in custody of officers of the Minneapolis Police Department, protesters demanded the fair prosecution of those responsible. Yet quickly the demonstrations devolved into a veritable cultural revolution, spearheaded by two groups, Antifa and Black Lives Matter, both with strong socialist origins and agendas.

The History Of Socialism And Capitalism

Thursday, October 1, 2020
Hoover Institution

The Hoover Institution presents an online virtual speaker series based on the scholarly research and commentary written by Hoover fellows participating in the Human Prosperity Project on Socialism and Free-Market Capitalism. Tune in on Thursday, October 1, 2020 at 11:00 am PT.

Event
Essays

Leaving Socialism Behind: A Lesson From German History

by Russell A. Bermanvia Socialism and Free Market Capitalism: The Human Prosperity Project
Tuesday, September 29, 2020

The well-known images of East Germans eagerly pouring into West Berlin on the night of November 9, 1989, have become symbols of the beginning of the end of the Cold War and, more specifically, evidence of the failure of Communist rule in the German Democratic Republic (GDR, or East Germany) and its socialist economic system. Yet that historic moment was only the final dramatic high point in the long history of dissatisfaction with living conditions in the eastern territory of Germany, first occupied by the Red Army during the defeat of Nazi Germany in 1945 and, four years later, established as the GDR when, in Winston Churchill’s words, the Iron Curtain fell across the continent.

Commentary

India’s Long Struggle With Socialism

by David C. Mulfordvia Socialism and Free Market Capitalism: The Human Prosperity Project
Thursday, September 17, 2020

This paper on India has been included in the Hoover Institution’s important project on Socialism and Free-Market Capitalism, The Human Prosperity Project, because India represents a unique case of socialism and democracy in conflict. Following India’s birth to freedom and independence in 1947, its democracy was dominated by socialist, planned-economy policies that failed for nearly seventy years to achieve the levels of growth its people desperately needed to rise out of poverty.

Property Rights, Innovation, And Prosperity

Thursday, September 17, 2020
Hoover Institution

The Hoover Institution presents an online virtual speaker series based on the scholarly research and commentary written by Hoover fellows participating in the Human Prosperity Project on Socialism and Free-Market Capitalism. Tune in on Thursday, September 17, 2020 a11:00 am PT.

Event
Essays

Innovation, Not Manna From Heaven

by Stephen Habervia Socialism and Free Market Capitalism: The Human Prosperity Project
Tuesday, September 15, 2020

The United States is an outlier in the distribution of prosperity. As figure 1 shows, there is a small group of countries with per capita incomes above $40,000 that stand out from all the others—and the United States, with a per capita income of nearly $66,000, stands out even within this small group. How can it be that the United States has a per capita income roughly 50 percent higher than that of Britain, its former colonizer? 

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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 Socialism and Free-Market Capitalism: The Human Prosperity Project 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.