Socialism

After the fall of the Berlin Wall and the end of the Cold War, many people assumed that socialism was dead and that liberal democratic capitalism was to be the unchallenged way of the future. Now, however, socialism is gaining popularity with a younger generation not aware of its dangers, and the philosophy of the free market seems to be constantly under attack.

A socialist economy cannot work. It must end in mass poverty and deprivation. While a handful at the top can do very well, everyone else falls into an economic abyss, with virtually the entire population completely mystified by the disappearance of their previous economy — and in some cases, their previously strong prosperity.

The ignorance of so many as to why only a market economy is capable of bringing prosperity and political freedom is a major problem. Too many believe a socialist utopia can be achieved if only the right people took the right actions. In reality, a socialist economy can never provide prosperity and never has.

 

 

Featured Publication

Publications

Why we should defend capitalism
Eugenie Joseph
28 November 2018 | PP12

Capitalism has become a controversial idea in recent years; yet economic markets and free enterprise are responsible for lifting millions of people out of abject poverty, improving the quality of life around the world, and creating shared prosperity. Capitalism has also proven effective at sustaining…

Millennials and socialism: Australian youth are lurching to the left
Tom Switzer, Charles Jacobs
20 June 2018 | PP7

The 20th century’s failed experimentations with socialism serve as a strong lesson that, despite its idealistic promises of equality, the ideology has led to nothing but oppression and poverty. However Australian Millennials have remained relatively unaffected by socialism’s shortcomings. The oldest were aged only nine…

Will China Fail: The Limits and Contradictions of Market Socialism 2nd Edition
John Lee
28 May 2009 | PM96

Debates about China have been overloaded by the burden of interests rather than investigation, by stiff and opinionated ideology rather than examination of the ‘engines’ of China’s economy and society. John Lee’s book breaks with these weaknesses by deftly and precisely examining the fundamental processes…

The Modern Mask of Socialism
Antonio Martino
01 October 1998 | OP66

After the fall of the Berlin Wall and the end of the Cold War, many people assumed that socialism was dead and that liberal democratic capitalism was to be the unchallenged way of the future. Now, however, the world financial system is in turmoil, socialist…

The Morality of Capitalism
James Q. Wilson
15 October 1997 | OP62

Capitalism is winning the economic battle all over the world. The collapse of socialism has left it without serious challenge as a wealth-creating system. But moral criticism of capitalism continues. Even its defenders often deny that it has any moral foundation, or worry about whether…

Media & Commentary

Capitalism is not finished - and we'll need it to escape this abyss
Tom Switzer
03 May 2020 | Sydney Morning Herald

Since federation, the economic governance of Australia can be conveniently divided into three contrasting periods. Phase one, which featured industry protection and centralised wage determination, lasted from 1901 to 1983.…

Boom for America means doom for Bernie Sanders
Tom Switzer
25 February 2020 | Financial Review

Bernie Sanders is set to become the Democrats’ choice for the White House. But his chances of selling socialism to middle America do not look good. By rights, Donald Trump…

The British people have been saved by this watershed election
Tom Switzer
13 December 2019 | The Sydney Morning Herald

There is always a danger in exaggerating the significance of a particular election. However, the British general election does feel like a watershed. The British people have been saved from…

A tectonic shift to the left in the Australian political landscape
Tom Switzer
23 March 2019 | The Sydney Morning Herald

Australia is entering a new political era. Unless conservatives and genuine liberals make persuasive counter-arguments, we could be in the midst of a fundamental realignment in the Australian cultural landscape…

Why Socialism always fails
Steven Kates
15 March 2019 | Spectator

A recent Wall Street Journal editorial Who’s Afraid of Socialism laid out the case that much of the US Democratic platform met the Merriam-Webster dictionary definition of socialism. In particular,…