I prefer free markets because I’m a libertarian (I want to minimize government coercion) and because I care about real-world evidence (I want people to thrive).
Speaking of real-world evidence, here’s one of the charts I shared when writing about the most-recent edition of Economic Freedom of the World.
As you can see, there’s a very strong relationship between the level of prosperity (vertical axis) and the degree of economic liberty (the horizontal axis).
The obvious takeaway from the above chart is that policy makers should push for free enterprise if they care about the well-being of their citizens.
Statism, by contrast, produces bad results. And it doesn’t matter what flavor (socialism, fascism, communism, etc). More government translates into lower living standards.
And the damage is greater as nations decline on the “socialism slide.”
I’m providing this background because I want to address an important question: Is it possible to oppose socialism and other forms of collectivism without supporting free markets.
That seems to be what Vice President J.D. Vance wants to do, as noted in this column in the Washington Times by Cheryl Chumley. Here are some excerpts.
Vice President J.D. Vance, in an interview on Fox News, told host Will Cain the way to stop socialism is not by “throwing slogans at people about the free market,” but rather “by making people’s lives better.” …All due respect to Vance — but “making people’s lives better” is kind of a slogan in itself. Besides, if socialists sell their narrative by promising people free stuff — and in so doing, foster dependency upon the government — then what’s the difference with Vance’s view that “making people’s lives better” is the rightful role of government? …He added: “You as an American citizen deserve to have a good life in this country, and you deserve to have a government that is making it easier for you to start a family, for you to afford to get a good education, for you to have a good job, for you to afford a home.” Deserve is a funny word; it can almost be read as “entitled.” And once something becomes an entitlement, power-hungry politicians can turn that into a right, and then demand taxpayers provide the funding for all to enjoy that same right. …socialism is the outward consequence of hearts and minds that have been corrupted by evil ideas — i.e., jealousy, anger, greed, all leading to a victimhood mentality. Socialism is a sickness of the soul.
