Last month President Obama spoke to a group in Argentina and said the following:
"So often in the past there's been a sharp division between left and right, between capitalist and communist or socialist. And especially in the Americas, that's been a big debate, right? Oh, you know, you're a capitalist Yankee dog, and oh, you know, you're some crazy communist that's going to take away everybody's property … I mean, those are interesting intellectual arguments, but I think for your generation, you should be practical and just choose from what works. You don't have to worry about whether it neatly fits into socialist theory or capitalist theory – you should just decide what works," said President Obama.
What works, eh? We don't need to look further than China to see a dramatic shift from socialism to free-market principles. See a great explanation of this shift in our newest film series, The Real Adam Smith: A Personal Exploration by Johan Norberg.
This quote summarizes the point nicely:
"After Mao died, both the Chinese leaders and the Chinese people recognized that socialism didn't work … They gradually opened up the economy, allowed private sector to enter in one industry after another, and of course, once the private enterprises entered any sector, they quickly out-performed state enterprises." – Ning Wang, professor of economics at the Ronald Coase Institute and co-author of the book How China Became Capitalist.
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