A number of recent polls document that young people are more likely to support socialism rather than capitalism. This is no doubt due to the popularity of Senator Bernie Sanders, as well as the lack of understanding of what free market capitalism provides in terms of freedom and economic development. That is one of the reasons I put together a Point of View booklet on A Biblical View on Capitalism and Socialism.
In a recent column, Professor Walter Williams explains why he believes so many young people prefer socialism over capitalism. He believes it “is a result of their ignorance and indoctrination during their school years, from kindergarten through college. For the most part, neither they nor many of their teachers and professors know what free market capitalism is.”
He also believes that free market capitalism is disfavored by many Americans not because of its failure, but because of its success. “Free market capitalism in America has been so successful in eliminating the traditional problems of mankind — such as diseases, pestilence, hunger, and gross poverty — that all other human problems appear both unbearable and inexcusable.”
He also adds another factor that I have discussed in previous commentaries. The younger generation is less likely to identify socialism with the brutality of communist regimes in the 20thcentury and instead think of the socialism in European democracies.
In my booklet on capitalism and socialism, I take the time to define the terms since so many misunderstand what these two economic systems entail. I also talk about the current ideological battle taking place within our political systems over capitalism versus socialism. And I also answer the oft-asked question, “Doesn’t the Bible teach socialism?”
I would like to send you a copy of my booklet when you sign up to receive my daily Viewpoints commentary at pointofview.net/daily.