Obama Family Friend Still Dreams Of Ending Socialism
Over the past 30 years, notes the libertarian Cato Institute in the latest edition of its "Economic Freedom of the World," the average country's economic freedom score has risen from 5.53 (on a 10 scale) to 6.64 -- a significant improvement that has paid off in higher growth and earnings. The evidence indicates a reliable pattern: the freer the economy the faster the growth.
"Nations in the top quartile of economic freedom had an average per-capita GDP of $31,501 in 2009, compared to $4,545 for those nations in the bottom quartile," says Cato. The rate of extreme poverty is 2.7 percent in the top quartile and 41 percent in the bottom one.
Among many people a generation ago -- and among a few today -- free markets and private property were seen as the cause of poverty. But the number of adherents has dwindled in the face of repeated refutation.
The latest cover story in The Economist magazine is: "Cuba hurtles toward capitalism." Cuba! Even communists eventually have to make peace with reality.