Socialism's failure in the former Soviet Union and in the other socialist countries stands as a clean and unquestionable warning as to which path any rational and sane people should never follow again. Government planning brought poverty and ruin...Unfortunately, America is not absorbing the lessons that should be learned from the socialist experience and, instead, is following the same path of destruction.
Our world today is in the grip of anti-capitalism. State bureaucracies ruling over anti-market policies have grown into ideological and political elites who arrogantly presume to know and dictate how we should all live and work.
Through private investment capitalism kept raising the productivity of labor to new heights. Parents were able to earn enough so their offspring did not have to join the work force at an early age. This produced something unique in history: Childhood, a time when the young could experience the innocence of play and opportunity of schooling before entering the world of work.