READER'S VIEW: More economic socialism is not the solution

I GATHER that economics is no longer widely taught in secondary schools, even in the somewhat dodgy version that was taught in my day.

This is some excuse for the resurgence of socialist sentiment among younger people. We see this in the Jeremy Corbyn's ascendancy in Britain and the surprising run of Bernie Sanders in the USA.

But what excuse is there for Mr Tom Bradbury (TMB letters, May 30)? As I understand it, he is a retired academic, whose field of work was the physical sciences.

Mr Bradbury, like me, has lived through the collapse of the Soviet Union. He must be aware of the economic backwardness of North Korea and Cuba and that China is communist in name only.

And yet he still wants a soak-the-rich taxation policy, harking back to ideas that were abandoned in the West by 1970.

Authoritarians can always play with numbers and claim that they, as the government, should get more.

The fact that government is an immoral activity passes them by, as does the evidence of history.

The dodgy economic policy of the last twenty years has not been the result of not enough socialism. It has been the result of unbridled expansion of the money supply.

I am not sure that we can avoid paying for this by war and bloodshed, but I am sure that bringing in more socialism will only make matters worse.

Everyone should know that socialism led to famine in Chile before the heroic Pinochet put a stop to it. And I gather that it has led to something pretty close to famine in Venezuela right now.

Paul Rackemann


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