Every time socialism is attempted, it fails. The answer from socialists each time, “that wasn’t real socialism.” The Institute of Economic Affairs has created a great video explaining the circular thinking phenomenon. Hat tip to Cato Institute scholar Dan Mitchell for highlighting this great video on his blog, International Liberty.
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Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.