Socialism is an economic failure. International socialism didn’t work in the Soviet Union. National socialism didn’t work in Germany. And democratic socialism, while avoiding the horrors of its communist and Nazi cousins, also has been a flop.
Socialism fails because it attempts to replace market-determined prices with various forms of central planning based on government-dictated prices.
Moreover, socialism channels self interest in a destructive direction. In a free market, people get income and improve their lot in life by satisfying and fulfilling the needs of other people. In a socialist system, by contrast, people squabble over the re-slicing of a shrinking pie.
There’s a famous Winston Churchill quote that basically says that the ostensible problem with capitalism is that people aren’t equally rich, whereas the supposed attractiveness of socialism is that people get to be equally poor.
The Princess of the Levant sent me a visual version of Churchill’s…
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Utopia, you are standing in it! 
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