In a book that George Shultz and I published this year, we explained why one must choose economic freedom, meaning basically the opposite of socialism. Economic freedom, or free-market capitalism, the term of art used in this important Human Prosperity Project, means a rule of law, predictable policies, reliance on markets, attention to incentives, and limitations on government. Socialism means that the rule of law is replaced by arbitrary government actions, that policy predictability is no virtue, that market prices can be replaced by central decrees, that incentives matter little, and that government does not need to be restrained.
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Obstacles to Free-Market Ca... by Hoover Institution on Scribd
