Thomas DiLorenzo,

The Problem With Socialism


India’s Failed Socialist Experiment

India was once one of the  wealthiest countries on earth. Its  textile industry was the envy of  the world; it had sophisticated  financial markets, many talented  entrepreneurs, millions of acres of  fertile farmland, and plenty of  extravagant wealth. . . .  Unfortunately, in rebellion against  the traditions of its “capitalist-  imperialist” masters … it adopted  a homegrown version of Soviet-  style central economic planning.  Under Prime Minister Nehru …  India adopted a series of “Five-  Year Plans” modeled after the  notoriously failed Soviet Five-  Year Plans. … It was no more  successful in India than it was in  the Soviet Union as India, after  independence, became  synonymous with “poverty.” In  the 1980s, Indian Prime Minister  Rajiv Gandhi essentially gave up  on socialism and cut taxes and  deregulated and privatized  industries. The result was that  India’s economy finally became  revitalized and started to  create wider prosperity.

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Capitalism: The Engine Of Human Progress

It took six thousand years from the invention of the wheel until we developed the two-wheeled cart. … From the time of Moses to Wyatt Earp we moved from two-wheeled carts to four-wheeled carts — buckboards and stagecoaches. Yet Wyatt Earp, who is an adult when he participates in the gunfight at the OK Corral, sees the movement from four-wheeled carts to the Model T. My grandparents were born before man had ever seen powered flight, yet lived to see a time when you could buy a trip into space. The rapid increase in innovation and the wealth of the masses occurred because the West gradually developed the economic system of market capitalism and a compatible political system.

-- Gary Wolfram,

Shadow Stats Snapshot

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    BLS: 4.7%
    Shadow Stats: 22.7%
  • Inflation:
    December Year-to-Year: 2.1% (CPI-U*)
    Shadow Stats: 9.8%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]