The Human Prosperity Project

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Over the last century, free-market capitalism and socialism have been the two dominant and conflicting political and economic models. The Human Prosperity Project investigates the historical record to assess the consequences for human welfare, individual liberty, and interactions between nations of various economic systems ranging from pure socialism to free-market capitalism.

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Why a Universal Basic Income Won't Work

Though many believe that universal basic income (UBI) is an attractive alternative to current welfare policy, many features of a UBI would make it a destructive policy for the very recipients it intends to help.

The China Model: Not One to Emulate

Though the Chinese model of governance is appealing to many authoritarian leaders, its absence of democratic norms and institutions encourages corruption and constrains healthy economic growth.

Why Political Freedom and Prosperity Go Hand in Hand

Socialism’s disastrous history shows us that political and economic freedom is the foundation for enduringly successful nations.

The Modern-Day Choice between Free Markets and Socialism

China’s economic gains have come at a substantial cost to its people and to its neighbors, leading other nations to look to democracy and markets to deliver prosperity.

Economic Growth: The Path to a Cleaner Environment

Environmental progress is more likely to occur in free-market systems due to their robust, tradeable, and enforceable property rights.

Constitutional Safeguards Against Socialism

The US Constitution creates a balanced system of government that is uniquely equipped to resist socialism.

How the Constitution Prevents Socialism

The Constitution was designed to protect individual liberties and prevent the centralization of power, making it uniquely suited to resist socialism.

Lessons from Socialism in East Germany

The experiences of East and West Germany after World War II offer an insightful comparison that highlights socialism’s empty promise of prosperity.

False Promises: What Single-Payer Fails to Deliver

Though many believe socialized medicine will keep health care costs low, the costs of single-payer systems extend far beyond the taxes required to support it.

Laboring in Vain: How Regulation Affects Unemployment

Government regulations that increase the cost of working lead to higher unemployment and decreased prosperity.

An Untold Economic Miracle

Focusing exclusively on income inequality obscures the benefits of market reforms that have lifted billions of people out of poverty.

Why Communism Failed and Liberal Democracy Prospered

Liberal democracy triumphs where communism fails because it limits the government’s ability to make important decisions on behalf of its citizens.

Socialism and Free-Market Capitalism: The Human Prosperity Project

The Human Prosperity Project at the Hoover Institution analyzes free-market capitalism and socialism to assess how each system affects human flourishing.

Foundations for the Conversation

A review of the most commonly referenced people, places and concepts in the discussion of socialism and free-market capitalism.

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About the Scholars

Notes

Free-market capitalism is characterized by private ownership of the means of production, where investment is governed by private decisions and where prices, production, and the distribution of goods and services are determined mainly by competition in a free market.

Socialism is an economic and political system in which collective or governmental ownership and control plays a major role in the production and distribution of goods and services, and in which governments frequently intervene in or substitute for markets.