Socialism and Capitalism Work Together

11/22/2017 - Distinguished Professor of Economics Peter Lindert at Bloomberg View.

It would be a big mistake to write off socialism. Even as free markets and technological progress have combined to increase the total amount of wealth in the world, a third trend has been extremely important for making sure that that prosperity is widely shared. Governments in many countries have been more assertive about spreading the wealth around—and the results have been good.

Recent work by University of California-Davis economist Peter Lindert shows that governments in rich countries around the world have been redistributing more and more. Before the World War I, redistribution was minimal; since then, there has been an almost universal, unbroken trend toward a more progressive fiscal system.

Read the full story at Bloomberg View.