The 20th century was the best of times and the worst of times. On the dark side, it is estimated that as many as 270 million citizens have been murdered by governments that describe themselves as socialists – both left and right. On the bright side of the 20th century was the success of free-market capitalism, which helped lift over a billion people out of poverty.
So why do so many scholars condemn capitalism and lean toward socialism? Even the brilliant free-market economist Tom Sowell started out as a Marxist. So, what changed your mind?
A recent survey shows that a large number of students prefer socialism to capitalism, with almost half praising oppressive countries like Cuba over the US.
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Our own Big Money Show co-host Brian Brenberg saw it firsthand as an economics professor. I asked him why socialism still appeals to so many students.
Families and prospective students visit the University of Mary Washington for a campus tour. (iStock)
“University is one of the few places where bad ideas can survive because they are never tested against reality. Professors study these things, they love the ideas of what socialism promises. They never have to do them in real life. They spend their academic careers filling children’s heads with these ideas. Children who need to go out into the real world,” Brenberg said.
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Urbana, Illinois, April 17, 2016 – Students are on the Quad Lawn of the University of Illinois campus at Urbana Champaign (iStock)
Six years ago I asked Tom Sowell whether we had to suffer from socialist policies before we rejected them.
“I have a great fear that we may not be able to make it in the long run.”
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Now I love Sowell. He is one of the most brilliant men I have ever met, but at the same time I hope he is completely wrong on this point.
