Return fire with rockets. Oh in the welcome the. Specter of socialism 30 years after the fall of the berlin wall socialism is now remarkably popular what explains this how to explain why so many successful and even privileged people with the socialism to solve social problems maybe its because liberalism itself is failing. Socialism im joined by my guest in new york hes an economist and writer as well as a Senior Research fellow at the American Institute for Economic Research his research focuses on policy and technology in baltimore we have. Thomas de lorenzo is a professor of economics at university of maryland in baltimore as well as a senior fellow at the mieses institute his latest book is the problem with socialism and in monterey we cross to David Henderson he is an emeritus professor of economics with the Naval Postgraduate School in monterey as well as a Research Fellow with the Hoover Institution at Stanford University he is author of the joy of freedom and economists honestl
Nations in Eastern Europe but thats a kind of a narrative that is very western i suppose but i lived there it was i dont have that same kind of feel for it ok though having said that im very glad those communist regimes are gone and the wall go ahead john. You know well like you peter i lived through those events very directly like you i was studying Eastern European studies at oxford at that point i spent that summer in 1909 in romania and in hungary and indeed in september 89 i was in west berlin and was there when the 1st east berlin as arrived in west berlin having driven through czechoslovakia hungry austria and and the whole of germany so i have a very strong memory of it as well i would make 2 points the 1st is that none of it would have happened without gorbachev decision to pull the rug on the Eastern European communist regimes that was decision he took in june and which he announced to the german chancellor helmut kohl at the time and all the events that we remember now the j
Talking millennial socialism im joined by my guest mexico in new york hes an economist and writer as well as a Senior Research fellow at the American Institute for Economic Research his research focuses on policy and technology in baltimore we have thomas de lorenzo hes a professor of economics at Loyola University maryland in baltimore as well as a senior fellow at the mieses institute his latest book is the problem with socialism and in monterey we cross to David Henderson he is an emeritus professor of economics with the Naval Postgraduate School in monterey as well as a Research Fellow with the Hoover Institution at Stanford University he is author of the joy of freedom in economists honestly are gentlemen crosstalk rules in effect that means you can jump in anytime you want and i always appreciate thomas let me go to you 1st in baltimore i dont i dont really think on this program we need to speak about the failings of socialism i think were all on the same page on that here my poi
Capitalism is the status quo is exactly what we have right now and you know the occupy wall street protesters back during the financial crisis they were protesting capitalism they thought they were they were actually protesting the nexus of sort of big business and Big Government together and sort of power that that yields the 2nd fallacy is that if we want to do something as a society to help someone or to organize ourselves in some way that that is either you know this nation state this government thats going to do it or its not going to be done at all and you know my colleague ed string is the president a you are literally wrote the book on private governance and there are so many other options and thats one thing we have to definitely let people know about ok but you know thomas what we hear a lot in the meter go ahead jump in thats the whole point of the program thomas in baltimore go ahead. Well. Its its been a lot of the young people who are ron paul followers they were his foll
That and its evolving in innovative and all that yet ok david a month ago you want a job and i had some facts about the u. S. Economy the middle class is disappearing. Were is disappearing upward we have 3 times as many households with 100000. 00 or more in Family Income and this is adjusted for inflation than we had 50 years ago thats you credible improvement so lets not forget that things are Getting Better ok well i think will be there isnt the Income Distribution issue thomas let me go to you there i think this also is giving people cause to quote unquote support socialism because while there are people moving up there are a lot of people moving down as well thats the heartland thats who voted for trump go ahead thomas in baltimore. Well thats true but have theres a lot of game playing with these Income Distribution statistics because theres an economist named jim cox who wrote a great book called mr rich and poor that tracked individual families over several decades and so and saw