With this issue, scholars at the Hoover Institution are launching a
program designed to evaluate free-market capitalism, socialism, and
hybrid systems to determine how well the various governmental and
economic forms promote general well-being and prosperity. The
project is particularly important and timely, given recent interest in
policies that are radical from a US historical perspective, some of
which are advocated by political leaders and presidential candidates.
Free-market capitalism with private ownership and market
determined allocation of goods and services is often credited with
generating economic growth and high average income, but its critics
and does not help the poor enough. Socialism and its variants, which
couple government ownership of much of the means of production
with substantial centrally determined allocation, is championed as
being more benevolent than free-market capitalism.
The goal of this project is to provide objective and scholarly
analyses of free-market capitalism, socialism, and hybrid systems
and to provide evidence on the effectiveness of the various systems
on outcomes that affect prosperity and well-being. The papers will
released periodically over the next years. The broad range of issues
will include strictly economic subjects, like the impact of economic
form on incomes and economic growth; important social goals, like
and sensible immigration policy, and sustaining our environment
like ensuring individual liberty and freedom, enhancing strategic
relations with other countries, and promoting long-term peace.
Read more here.