Filed under: Capitalism, Domestic Policy, Economy, Energy, The United States | Tags: Free Markets and Innovation, The Failure of Big Government, The Index of Economic Freedom
What are the new inventions and innovations of your lifetime? The things that you take for granted now that were inventions and innovations of their day? What were the innovations of your parents and grandparents lives?
We have cell phones that are small personal computers, drones smaller than hummingbirds, giant wall size TV screens that are on the way to putting the movie theaters that were the innovation of an earlier day out of business.
In an earlier day, few people settled far from where they were born. Children grew up to do what their fathers did. Innovation and invention were rare. And then came the Industrial Revolution, and the discovery of the energy to drive it, Communication and transportation. How is it possible to look at the history of Socialism wherever it has been tried and not grasp the inevitable failings of central planning?
Michael Cox, former Chief Economist at the Dallas Federal Reserve and a professor at Southern Methodist University points out the loss of economic freedom throughout the world.
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