capitalism
Why Millennials Are Turning to Socialism
Feb 14 2018
Jeff Bezos, Bill Gates, and Warren Buffet, America's three richest people, have as much wealth as the entire bottom half of the U.S. population — some 162 million people — according to the Institute for Policy Studies, says The Guardian.
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Actually, trying to “equalize” any economy is a fool’s errand. We can measure inequality with a GINI coefficient, but that doesn’t tell us where to set it. And here’s the key point in trying to make everyone equal – when do you know you’ve succeeded?
We know, for example, that the Marxist “to each according to his needs” doesn’t work. Never has, CAN’T. All you do with that program is to grow “needs”.
Capitalism is as close to perfect as a system can be that’s impersonal and which tries to get the most out of individuals while providing a path to plenty for most and a path to extraordinary wealth for people who voluntarily exchange dollar bills for whatever it is you’re selling.
I’d say Millennials are turning to socialism because they’ve never even heard of Adam Smith, much less von Mises or Hayek. They’ve been told that capitalism is morally inferior to socialism, they’ve not been challenged in that belief by a mainstream media that tends to have sympathy for the “caring” nature of socialism. All you do with socialism is invite politicians to run your life “for your own good”. That is why socialist economies always feature a thin crust of people who avoid its worst excesses, vast majorities of people best characterized as “oppressed”/poor/no opportunity; political autocracy with democratic “trimmings” (but it’s a coat of pain on an autocratic solution); and environmental degradation.
Try showing Millennials life in Venezuela or Cuba, or even some history over life in Poland, Czechoslovakia, or the Ukraine. I suspect they’ll lose their taste for socialism pretty quickly.