October 10, 2020

Basic Definitions

By Glenn

There are constitutional governments which are limited by law.

There are authoritarian governments which empower a leader to exercise broad discretion.

There are socialist economies which have public ownership of property.

There are capitalist economies which have private ownership of property.

There are free markets which allow individuals to buy and sell without government interference.

There are command economies (markets) which force individuals to buy and sell under government direction.

The most successful states in history, measured by promoting the general welfare, have been Constitutional democracies that expand civil liberties and use a mixture of property and market policies to alleviate economic suffering and abuse.

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