I honestly didn’t know what to expect from Dr. Benjamin Powell’s Socialism Sucks talk but I ended up thoroughly enjoying it.
Dr. Powell discussed socialist nations (or at least countries that call themselves socialist) such as Sweden, Venezuela, Cuba, Korea, China, Russia & Ukraine, and Georgia.
He first discusses the definition of socialism—the abolition of private property and means of production and replacing it with collective ownership or control. Dr. Powell explains that Sweden does not quite fit that definition. Yes, they are a “big welfare state” with “high taxes” but they don’t entirely seize the means of production like other previous or current nations.
Next, Dr. Powell talks about his experience in Venezuela and how they began as one of the freest economies in the world but have tumbled from democratic socialism into “dang near socialism.” It really surprised me when I heard about how middle to upper class Venezuelans crossed the border into Colombia to do business. Something as simple as selling their hair shows their determination to earn a respectable living by any means. I never realized the freedom of the United States’ market until I heard that example.
I truly enjoyed Dr. Powell talk about his experience in Cuba. He discussed his time in a so-called “three star” state-owned hotel compared to Cuban entrepreneurs renting out their private homes and property. In fact, some Cubans in Florida called their relatives in Havana to stealthily Airbnb their apartments. Similar to the Venezuela example, it shows the routes and ingenuity that these entrepreneurs take to create a valuable income for their livelihoods.
The biggest takeaway from the Cuba stories is that socialism does not encourage improvement of services or products. Dr. Powell asked “does the DMV care if you come to the DMV?” At that moment, the idea of a socialist run economy truly really clicked in my brain. Just like the DMV, state-owned hotels and businesses did not have incentive to improve their products. What would be the point of going through that work to improve if you get paid the same amount anyways? On the other hand, the private restaurants did their best to improve their dining experiences to draw in more customers, but unfortunately had to work with menus and ingredients limited by the government. I would best describe their socialism as stagnant; not going anywhere, just simply existing and “chugging along” as described by Dr. Powell.
Dr. Powell also touched on the two Koreas and how they serve as a great example of socialism and capitalism. In 1960, began on a level playing field with similar standards of living. Except one Korea adopted socialism while the other adopted capitalism. Sixty years later, you see the fruits of each respective economic system. One nation has starving and poverty-stricken citizens while the other has a thriving economy.
Again, I really enjoyed watching Dr. Powell’s experiences in these socialist nations. I feel like I know this economic system far better than I would have previously.
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