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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When America Was Truly The Land Of Opportunity

For [early immigrants] America was truly the land of opportunity. For the first time in their lives, many were truly free to pursue their own objectives. That freedom released the human energies which created the United States. There were few government programs to turn to and nobody expected them. But also there were few rules and regulations. There were no licenses, no permits, no red tape to restrict them. They found, in fact, a free market, and most of them thrived on it. 

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