Opinion
By John Stossel
People find fault with capitalism. Many think they’d prefer socialism. Why? Because they believe absurd myths about it. For example: When socialist countries fail, defenders say: “That wasn’t real socialism.” Some say that about the Soviet Union (which made private business illegal).
“That’s about as close as the world ever saw to the purest socialist end of the spectrum,” explains economist Ben Powell. Meanwhile, capitalism gets trashed. We are told billionaires get rich by making others poor.
But that’s another myth. In the video above, we debunk 5 myths about socialism, and capitalism.