A fantastic question, Mitch. Someone else called me out on this. I was raised in Israel and am familiar with socialism. In the last decade, Israel has undergone a huge change in its thinking about state-owned companies. A large percentage of the socialists who formerly backed state-owned companies, now favor these firms as a drain on the nation’s resources. In that respect, socialism might be viewed as a deficit.

An integral part of socialist doctrine was the belief that capital was ruthlessly exploiting labor. This, it was believed, could be eradicated only when the means of production were owned and controlled by the socialist state. Socialists believe that socialism has never failed because it has never been tried. Wrong. Socialism has failed in every country in which it has been tried, from the Soviet Union to three modern countries that tried but ultimately rejected socialism — Israel, India, and the United Kingdom.

Your question raised questions…so I decided to write more about it in the future.

Thank you for the visit. I appreciate your close read.