When I started writing my book “The Power of Capitalism”, one main objection I often heard was, “Why this book? Don’t we all already know that capitalism is the superior system and socialism doesn’t work?”
Skip forward just a few years and, wherever you look, capitalism is on the defensive and socialism is celebrating a comeback. And yet it’s not that long ago – the early 1990s in fact – that we were all celebrating the collapse of socialist systems in Eastern Europe and the Soviet Union. Even the Chinese struck out on the path to more capitalism – thanks to their market economy reforms, the percentage of people living in extreme poverty in China fell from 88% in the early 1980s to just 1% today. This is striking proof that private enterprise and freer markets are the best weapons in the fight against poverty.