Wooldridge: ‘People Are Making a Fundamental Mistake’ that Socialism Is the Alternative to Capitalism

EXCERPT:

WOOLDRIDGE: "I think it means a lot of people are making a very fundamental mistake. Because if you look at the experience of socialism in the Soviet Union and Venezuela, even in Britain in the 1970s, it doesn’t lead to growth. It leads to stagnation. So people are making a mistake, but they're making a mistake for good reason. They don’t see the dynamism and opportunities you used to see in this country and don’t see the broad stable middle class you used to see in this country. Now the solution is not socialism; the solution is a more dynamic capitalist economy. But it’s hard to see these two things. We have too much rent-seeking, too much stagnation. The solution to problems of capitalism is more capitalism. It’s not socialism.  It’s a hard case to make to younger people these days."