The Democratic presidential candidates are distancing themselves from capitalism and endorsing policies that would dramatically expand the federal government's role and restrict economic freedom. Recent surveys suggest that most Democrats and millennials view socialism more favorably than capitalism. President Trump is pursuing policies that restrict economic freedom, international trade and immigration.
This growing rejection of capitalism baffles economists who point to powerful evidence supporting the strong link between economic freedom and human welfare. Compare the quality of life in North and South Korea, in East and West German before the fall of the Berlin Wall, or witness the tragic deterioration in living conditions in Venezuela after its leaders nationalized private companies, medical care and price and currency controls. Given all this evidence, why is it that so many people reject economic freedom and market systems in favor of greater government control?
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