Sunday, September 4, 2016
As we have now repeatedly seen, communism and capitalism make the same basic mistake about human nature. Neither takes full or adequate account of the human capacity for greed.
In the first case, communism, the mistake leads to excess concentration of wealth and power in government, widespread corruption, and gross inefficiencies in the allocation of resources. In the case of capitalism, the error leads to the concentration of wealth and power in the hands of a power elite, flagrant excesses in the private sector, corruption, and gross inequities in the allocation of resources. In either case the distortions in the economy produce severe hardship for the populace, and usually result in chaotic conditions often accompanied by civil unrest and violence, resulting in a breakdown in the rule of law and in regime change.
Sadly, the end-game for failed communist and capitalist states alike is a repressive regime led by one or more dictators.
William's Whimsical Words:
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Last updated on September 4, 2016