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Prosperity: Is it more than money? | Chapter 1

Why Political Freedom and Prosperity go Hand in Hand

Socialism’s failure to protect political and economic freedoms has repeatedly led to some of humanity’s worst catastrophes. North Korea’s socialism is an illustrative example of the effects of state control. History shows us that political and economic freedom is the foundation for enduringly successful nations.

What Democratic Socialism Does to Economic Prosperity

Many Americans support “democratic socialism” and point to Sweden as a successful example. However, Sweden’s experiment with socialist policies was a disaster that significantly reduced its economic growth for decades. To restore growth and prosperity, the country had to undertake major market-based reforms.

John Cogan on the Factors that Promote Economic Prosperity

Sustained economic prosperity occurs when individuals have the freedom to work and receive the benefits of their efforts. These conditions are possible through institutions such as the rule of law, private property, limited government, and free markets. History and economics show that without these institutions, economic prosperity is not be sustainable.

The Modern-Day Choice between Free Markets and Socialism

China’s economic gains have come at a substantial cost to its people and to its neighbors. Despite its recent economic success, the People’s Republic of China is not looked on as a role model by its neighbors, and few countries are rushing to embrace its style of socialist authoritarianism. Instead, these nations continue to look to democracy and markets as the institutions that deliver widespread prosperity and stability.