Bob Higgs doesn't think much of Newsweek's latest cover story:
The headline of Newsweek’s current cover story reads: “We Are All Socialists Now.” The story tells us that Republicans and Democrats, oligarcos y peones, have given up on the market economy and, however reactionary some people’s rhetoric may be, we are all in fact being swept toward bigger government by an irresistible wave. Pretty soon, we Americans will be just like the French, though lacking a comparable command of the beautiful French language.
I don’t recommend the Newsweek article. Although the writers, Jon Meacham and Evan Thomas, have absorbed a number of true facts, their level of economic understanding is abysmal, and hence their reasoning is close to worthless.
Truth is, socialism is not the wave of the future. Indeed, it is already almost as dead as the dodo. Hardly anybody in a position of political power or influence now wants to establish socialism along the lines of the Soviets or the Maoists. Everyone knows that doing so is a one-way ticket to widespread poverty, which leaves precious little surplus for the political kingpins to rip off.
No, the world is converging ever more visibly, not toward socialism, but toward what I (following Charlotte Twight’s usage) have for many years been calling participatory fascism.
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