Monday, March 20, 2023
No Result
View All Result
  • Media
Support Us
Macdonald-Laurier Institute
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
    • Jobs
    • Women’s History Month Fundraiser
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy Program
      • Energy
      • Environment
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • COVID and after: A mandate for recovery
    • COVID Misery Index
      • Beyond Lockdown
    • Provincial COVID Misery Index
    • Centre for Advancing Canada’s Interests Abroad
      • Dragon at the Door
      • The Eavesdropping Dragon: Huawei
    • An Intellectual Property Strategy for Canada
    • Competition Policy in Canada
    • Speak for Ourselves
    • Canada and the Indo-Pacific Initiative
    • DisInfoWatch.org
    • The Transatlantic Program
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Talkin’ in the Free World with Mariam Memarsadeghi
    • Past Projects
      • Justice Report Card
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Annual Reports
    • Inside Policy Magazine
      • Inside Policy Back Issues
      • Inside Policy Blog
    • Papers
    • Columns
    • Books
    • Commentary
    • Straight Talk
    • Video
    • Multimedia
    • Podcasts
    • Leading Economic Indicator
    • Labour Market Report
    • MLI in the Media
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
    • Jobs
    • Women’s History Month Fundraiser
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy Program
      • Energy
      • Environment
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • COVID and after: A mandate for recovery
    • COVID Misery Index
      • Beyond Lockdown
    • Provincial COVID Misery Index
    • Centre for Advancing Canada’s Interests Abroad
      • Dragon at the Door
      • The Eavesdropping Dragon: Huawei
    • An Intellectual Property Strategy for Canada
    • Competition Policy in Canada
    • Speak for Ourselves
    • Canada and the Indo-Pacific Initiative
    • DisInfoWatch.org
    • The Transatlantic Program
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Talkin’ in the Free World with Mariam Memarsadeghi
    • Past Projects
      • Justice Report Card
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Annual Reports
    • Inside Policy Magazine
      • Inside Policy Back Issues
      • Inside Policy Blog
    • Papers
    • Columns
    • Books
    • Commentary
    • Straight Talk
    • Video
    • Multimedia
    • Podcasts
    • Leading Economic Indicator
    • Labour Market Report
    • MLI in the Media
No Result
View All Result
Macdonald-Laurier Institute

Face it, millennials – There is no realistic alternative to capitalism: Philip Cross in the Financial Post

What is called socialism today is just a poorly functioning version of capitalism.

January 27, 2023
in Columns, Domestic Policy Program, Economic policy, In the Media, Latest News, Philip Cross
Reading Time: 2 mins read
A A
Face it, millennials – There is no realistic alternative to capitalism: Philip Cross in the Financial Post

Photo by Marcin Cajzer, via Flickr.

This article originally appeared in the Financial Post. Below is an excerpt from the article, which can be read in full here.

By Philip Cross, January 27, 2023

Faith in capitalism waned during the global financial crisis of 2008-2009 and has been slow to recover, with a growing number of young people professing support for socialism. But what today is called socialism is just a poorly functioning version of capitalism, where government regulations, spending and redistributive taxation throw ever more truckloads of sand into the free market’s gears. Francis Fukuyama was right to declare in his 1992 book, The End of History and the Last Man, that capitalism had triumphed — if at least partly because, strictly-speaking, there is simply no realistic alternative. But it’s a hollow victory when governments don’t allow capitalism to function properly and economic growth continues to sputter along at rock-bottom rates like those socialism produced.

Socialism began as a criticism of the inefficiency of capitalism, especially the persistence of excess capacity and the alleged overproduction that supposedly led to periodic depressions. The original alternative offered by socialism was radically different: state ownership of the means of production, including land. In Canada, the Co-operative Commonwealth Federation (CCF), the forerunner of today’s New Democratic Party, promulgated this policy of government ownership and operation of the main industries in Canada.

But then the western world’s post-war economic boom, followed by the economic transformation of Southeast Asia, demonstrated convincingly that capitalist, market-based economies could deliver sustained rapid economic growth. Furthermore, most people found that working for business brought, not alienation,  but a sense of purpose. As a result, criticism of capitalism as inefficient and unable to generate satisfactory growth faded. After the fall of the Iron Curtain and the development of capitalism in China (even if political scientist Yuen Yuen Ang is probably correct that China is best understood as a capitalist dictatorship), no country besides North Korea has seriously pursued government control of the means of production.

***TO READ THE FULL ARTICLE, VISIT THE FINANCIAL POST HERE***

Source: Financial Post
Tags: CapitalismFinancial PostPhilip CrossSocialism
Previous Post

How Alberta can ensure greater prosperity in 2023 and beyond

Next Post

Want cheaper cellphone bills? Allow more foreign investment in telecoms: Aaron Wudrick in the National Post

Related Posts

Oaths, trust and Canadian democracy: Stephen Van Dine and Karl Salgo for Inside Policy
Inside Policy

Oaths, trust and Canadian democracy: Stephen Van Dine and Karl Salgo for Inside Policy

March 17, 2023
Preparing for the Foreign Threats to Canadian Democracy: Straight Talk with Richard Fadden
Inside Policy

Canada and Japan’s common miscalculation in cyberspace: Koichiro Komiyama for Inside Policy

March 15, 2023
Defending against foreign interference in our elections: Marcus Kolga for Inside Policy
Columns

As Ottawa balks at an election interference inquiry, public trust in our democracy is draining away: Marcus Kolga in the Globe and Mail

March 15, 2023
Next Post
Just as Canadians see smartphone bills head down, the cost of watching online content on them may be going up: Peter Menzies in the Financial Post

Want cheaper cellphone bills? Allow more foreign investment in telecoms: Aaron Wudrick in the National Post

Macdonald-Laurier Institute

323 Chapel Street, Suite #300
Ottawa, Ontario
K1N 7Z2 Canada

613.482.8327

info@macdonaldlaurier.ca
MLI directory

Follow us on

Newsletter Signup

Support Us

Support the Macdonald-Laurier Institute to help ensure that Canada is one of the best governed countries in the world. Click below to learn more or become a sponsor.

Support Us

Inside Policy Magazine

  • Current Issue
  • Back Issues
  • Advertising
  • Inside Policy Blog
  • Privacy Policy

© 2021 Macdonald-Laurier Institute. All Rights reserved.

No Result
View All Result
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
    • Jobs
    • Women’s History Month Fundraiser
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy Program
      • Energy
      • Environment
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • COVID and after: A mandate for recovery
    • COVID Misery Index
      • Beyond Lockdown
    • Provincial COVID Misery Index
    • Centre for Advancing Canada’s Interests Abroad
      • Dragon at the Door
      • The Eavesdropping Dragon: Huawei
    • An Intellectual Property Strategy for Canada
    • Competition Policy in Canada
    • Speak for Ourselves
    • Canada and the Indo-Pacific Initiative
    • DisInfoWatch.org
    • The Transatlantic Program
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Talkin’ in the Free World with Mariam Memarsadeghi
    • Past Projects
      • Justice Report Card
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Annual Reports
    • Inside Policy Magazine
      • Inside Policy Back Issues
      • Inside Policy Blog
    • Papers
    • Columns
    • Books
    • Commentary
    • Straight Talk
    • Video
    • Multimedia
    • Podcasts
    • Leading Economic Indicator
    • Labour Market Report
    • MLI in the Media

© 2021 Macdonald-Laurier Institute. All Rights reserved.