So, here we stand, having come close enough to communism for government work. It is a mistake, however, to call it communism or socialism, because a major part of its genius is its preservation of the form of private property rights, even as the substance of such rights is progressively gutted. Properly speaking, our system is, and long has been, economic fascism. “It’s a free country,” the Red State voters keep yelping. But it’s not. In truth, it never was. But a hundred years ago, it came a great deal closer to being free than it does now.
So long as the rulers left even a semblance of private property rights in place, however, entrepreneurs kept finding ways to make a buck by serving consumers. Despite being ever more hogtied, they kept bursting the bonds, working around the obstructions, undercutting the looters and world-savers, and benefiting their fellow human beings. There’s a great deal of ruin in a nation, Adam Smith opined, and on that score he certainly must have been right. But we can continue down this fascistic economic road only so long. Therefore, in the present distressing circumstances, we may be warranted in asking: is our politico-economic system finally going smash in a frenzy of monetary inflation, bailouts, and government takeovers? We’ll know the answer pretty soon.
Are We There Yet, Are We There Yet?: Newsroom: The Independent Institute