Early American settlers in the 17th century tried collectivism. They set up common storehouses so contributions could be made, on behalf of the community and based upon individual productivity. Then they were to take whatever they needed.
In other words, a “From each, according to his ability, and to each, according to their need” approach to organizing the economics of the settlements.
And it failed. Miserably.
Then they tried capitalism. And it FLOURISHED.
In short, it was the wisdom of experience, not academic ideology, that created America’s free-market principles. The result has been the most prosperous and free nation in the history of the world.
Larry Schweikart, of the University of Dayton, explains further via Prager University:
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