RJ Hamster
The True Mark of an Educated Mind
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THE SHORTEST WAY TO A RICH LIFE
The True Mark of an Educated Mind
Alexander Green, Chief Investment Strategist, The Oxford Club
The late essayist Christopher Hitchens used to argue that his litmus test for an educated mind is an acceptance of evolution through natural selection.
Without it, someone has no understanding of how living things on earth – including human beings – came to be.
I would use a different litmus test. An educated mind knows that capitalism works and socialism doesn’t.
If someone don’t understand that, they don’t understand how the modern world actually works.
No economic system is perfect. Just as no political system is perfect.
Yet capitalism – despite its flaws – is the greatest wealth creator and anti-poverty program of all time.
How can millions of American adults – many of them highly educated – believe that socialism, a system that has never created prosperity anywhere it’s been tried, is superior to the one that has led to the highest living standards in history?
The short answer is they don’t understand socialism.
Talk to Senator Bernie Sanders or Congresswoman Alexandria Ocasio-Cortez or Mayor Zohran Mamdani and they will tell you they don’t favor the failed socialism of Maoist China or the former Soviet Union or present-day Cuba.
They favor the kind of socialism practiced in Scandinavian countries like Norway, Sweden and Denmark.
But there’s a big problem with their answer: Those countries aren’t socialist.
They did experiment with socialism in the 1970s and early 80s, but they turned back and are now running the other way.
At their core, these countries are free-market capitalist economies – some of the most open and business-friendly in the world – that happen to fund a generous welfare state through high taxes.
That’s a meaningful distinction.
Socialism involves government ownership or control of the means of production. Norway, Sweden, and Denmark don’t do that.
They have private property, private enterprise, free trade, and vigorous competition.
The government isn’t running the factories or the farms or the tech companies: IKEA, Volvo, Maersk, Novo Nordisk.
These are private corporations operating in market economies.
The Heritage Foundation’s Index of Economic Freedom, which measures things like property rights, trade freedom, and business regulation, consistently ranks all three Scandinavian countries above the United States in several categories.
Sweden and Denmark, in particular, score exceptionally well on free trade and openness to foreign investment. These are not the hallmarks of socialist economies.
Sweden is the clearest example.
Fifty years ago, it tried a scheme that would have gradually transferred ownership of private companies to worker-controlled funds.
Real socialism, in other words. The results – to put it mildly – were not good.
Sweden’s economy stagnated. Businesses and wealthy individuals left the country. Inflation ran hot.
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By the late 1980s and especially after a severe financial crisis in the early 1990s, Swedish policymakers looked at what they’d built and made a deliberate, sweeping choice to reverse course.
What followed was one of the most dramatic free-market reform programs in modern European history.
Sweden cut marginal tax rates significantly. It privatized state-owned companies. It introduced school vouchers and competition into its education system. It deregulated industries.
Denmark followed a similar path.
After economic difficulties in the late 20th century, Denmark reformed its labor market, making it much easier for companies to hire and fire workers.
It’s actually a system that free-market advocates like me have praised, because it keeps labor markets fluid and dynamic rather than rigid.
Denmark also has no national minimum wage, leaving wages to be negotiated between employers and unions.
Again: not what most people picture when they hear “socialist.”
Norway is the interesting outlier, because it does have a large sovereign wealth fund built on oil revenues and does own significant stakes in some companies.
But even Norway operates within a fundamentally capitalist framework.
Its “Government Pension Fund Global” – the largest sovereign wealth fund in the world – is invested almost entirely in private companies and international markets.
Norway is, in essence, one of the world’s largest capitalist investors.
It’s funding its welfare state through savvy market capitalism, not socialist planning.
More to the point, when socialists say they wish the United States were more like Norway, they’re essentially saying that they wish we were a small country sitting on a big pile of oil.
Scandinavia is no capitalist paradise, of course. Scandinavians pay some of the highest income taxes on earth.
And as immigration pressures their welfare systems, there are doubts about whether their cradle-to-grave entitlement system can survive in a globalized, competitive world.
The Scandinavians themselves are acutely aware of this.
That’s why Swedish politicians regularly campaign on trimming the welfare state rather than expanding it.
In short, calling Norway, Sweden, and Denmark socialist doesn’t just get the label wrong. It gets the history wrong.
These are countries that looked at the consequences of moving too far toward state control, felt the economic pain of it, and then spent decades pulling back.
It’s also worth noting Americans are far wealthier than Europeans, including the Scandinavians.
Our median household income and net worth is much higher. And our taxes are much lower.
That’s a different story than what Democratic Socialists in this country would have you believe.
But it’s the true one, as every informed adult should know.
Good investing,
AlexLeave a Comment
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