Capitalism and Freedom

Bernie Sanders is again running for President. With election season in full force, and Sanders being not only the early leader for Democrats but also a self-proclaimed socialist, a number people are starting to talk about socialism and if they would ever vote for a socialist like Sanders.

At a recent forum Nikki Haley, former Ambassador to the United Nations and Governor of South Carolina, shares her thoughts and shares a full-throated defense of capitalism. (link provided below)

Coming from a family who immigrated to the United States, she may have a different perspective. Though a bit lengthy it is worth listening to and she shares why she thinks we should unashamedly support capitalism and realize that the United States, in existence for roughly 250 years, has the standard of living it has because of our embrace of capitalist economics.

She goes on to reflect how the spread of capitalism and market reforms have led to a tremendous reduction in poverty. While on the other hand, when socialism has been introduced in places like Venezuela it has been followed by disaster (Venezuela going from the richest country in Latin America to a country where people have to literally stand in line to buy toilet paper).

And though not all socialist countries are dictatorships like the Russia, China, Cuba and others, the socialist belief system puts a heavy priority on the government being able to (more often than not) decide better what to do than individuals within the society. When you start from that premise, it is a small step to say that the government not only knows better how to spend your money but how to control other areas of your life.

Haley shares examples of that happening. And like the Nobel Prize winning economist Milton Freidman, who wrote Capitalism and Freedom, Haley believes that freedom and capitalism are closely linked. You can’t have real freedom if that does not include economic freedom.

We could go on, but Haley puts it well so take a listen. (and note especially her remarks starting at roughly 17 minutes, where she speaks about ‘socialist’ countries that are pointed to as examples of ‘successful socialism’)



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