Two Economists Travel The Unfree World, Conclusions on Socialism

Yasmin Valdez  | 03 de agosto de 2018  | Vistas: 74

Benjamin Powell is the director of the Free Market Institute and professor of economics in the Rawls College of Business. He begins by sharing that he is working on a new book and explains his process of starting this new adventure. Throughout the conversation, Benjamin reveals his experience of visiting socialist countries and exposes the reality of the people living in those regions.

He then proceeds to clarify this phrase, by Michael Moore:

Most Polls now show young adults across America prefer Socialism-fairness to capitalism-selfishness."

The professor talks about the Sweden economic system and debates the fact that some people think it’s a socialist country. He continues to comment on the freest countries, this related to economic freedom and growth. Benjamin shows the three "real" socialist regions and evaluates each one of them from his own experience. He details different factors that socialism affects and gives his economic perspective.

These are government ownership of the means of production. The government does not have the incentive to try to satisfy the consumers."

Powell discusses how in this type of government the incentives to produce are reduced, and the consequences of these actions. He explains why China is fake socialism by making a comparison of the city over the years. Benjamin concludes presenting the new capitalism in Georgia, he describes the changes they've made, and how that is slowly, but surely improving their economic growth.


Professor of economics and director, Free Market Institute