Socialism vs. Economic Freedom — A history lesson

Discussion in 'Economy' started by Markle, Nov 17, 2019.

  1. Markle
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    Markle Gold Member Gold Supporting Member Supporting Member

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    Walter Williams is my very favorite economist. He has an uncanny grip on reality and pulls no punches! Here he makes some insightful remarks on Capitalism v Socialism and why one is far superior to the other.

    Dr. Williams points out the sad state of affairs with our younger citizens. Apparently, they much prefer shared poverty than prosperity.


    Economist Walter Williams: Socialism vs. economic freedom — A history lesson

    "A recent survey conducted by the Victims of Communism and polled by YouGov, a research and data firm, found that 70 percent of millennials are likely to vote socialist and that one in three millennials saw communism as 'favorable.'"

    and:
    "Fraser Institute scholar Fred McMahon says, "Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives." The evidence for his assessment is: Countries in the top quartile of economic freedom had an average per-capita GDP of $36,770 in 2017 compared with $6,140 for bottom quartile countries."

    "Poverty rates are lower. In the top quartile, 1.8 percent of the population experienced extreme poverty ($1.90 a day) compared with 27.2 percent in the lowest quartile. Life expectancy is 79.5 years in the top quartile of economically free countries compared with 64.4 years in the bottom quartile."

    Economist Walter Williams: Socialism vs. economic freedom — A history lesson
     
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    Last edited: Nov 17, 2019
  2. CWayne
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    CWayne Senior Member

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    Isn't it interesting that Fred McMahon's analysis and statement so closely resemble the Declaration of Independence:

    "Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives."

    "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness."


    All of his concepts, pursue their own opportunities, make their own choices, to lead more prosperous, happier and healthier lives, are embodied by the very creed of America.
     
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  3. Wry Catcher
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    Wry Catcher Diamond Member

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    Dr. Williams is a Libertarian. His economic theory is framed by that ideology.
     
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  4. Mac1958
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    Mac1958 Diamond Member

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    There is a wide, wide, wide range in between socialism and libertarianism.

    It's astonishing that people don't know this.
    .
     
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  5. Zorro!
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    Zorro! Gold Member

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    [​IMG]
     
  6. Markle
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    Markle Gold Member Gold Supporting Member Supporting Member

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    Your point being...?
     
  7. sparky
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    sparky Gold Member

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    yaz gots that right....



    ~S~
     
  8. C_Clayton_Jones
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    C_Clayton_Jones Diamond Member

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    This fails as a strawman fallacy.

    No one advocates for ‘socialism.’
     
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  9. sparky
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    sparky Gold Member

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    In a capitalist system, socialism is a metric of it's failure, not it's competition

    ~S~
     
  10. Markle
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    Markle Gold Member Gold Supporting Member Supporting Member

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    No one advocates for socialism?

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