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.
Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.
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