Paul Gregory on capitalism and socialism:
Economic, political, and social systems are like three-legged stools. The three legs of the capitalist or free enterprise stool are democratic/pluralistic public choice, a non-interventionist state, and a rule of law that protects personal and economic liberty. The three legs of the socialist stool are a one-party state, pervasive intervention in economic affairs, and a lack of a rule of law to guard personal and economic freedom. The capitalist stool stands higher and is more stable than its socialist counterpart. Centuries of history show that capitalist, free enterprise economies have been able to grow, provide rising living standards, and innovate new technologies
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