Wednesday, December 2, 2015

Communism in the Twentieth Century Failed Wherever Tried – The Soviet Union, Communist China, etc.

Richard Ebeling emails:

Dear Bob,

I was the guest December 30, 2015, on “Power Trading Radio” hosted by John O’Donnell, on the themes of “Thanksgiving, Freedom and Prosperity.”

The “real story” of Thanksgiving was discussed as an example of the failure of collectivism and the birth of free enterprise in America. Also, discussed was the nature and workings of the free market capitalist system as the means and method to establishing and sustaining a society of both freedom and prosperity.

In this context, it was also discussed how and why communism in the twentieth century failed wherever tried – the Soviet Union, Communist China, etc. – due to the fundamental unworkability of socialist central planning, as was explained by a number of economists, in particular the Austrian economist, Ludwig von Mises.

And, finally, the relationship between a prosperous society and “sound,” reliable money not subject to arbitrary and erratic changes that threaten economic instability and inflation.


1 comment:

  1. Depends what you mean by "fails". If you mean bringing economic liberty and opportunity to the most number of people, then yes it fails miserably. If you mean bringing power and wealth to a tiny connected crony class while keeping everyone else in the breadlines, then it succeeds wildly.