What IS Socialism and Why Doesn’t It Work? A Conversation With Lew Rockwell


What IS socialism?

The current political season in the United States has shown us an alarming rise in the number of people, especially in the younger generations it seems, who are attracted to a socialist ideology. The level of success attained by Bernie Sanders demonstrates it undeniably. My guest today, Lew Rockwell, believes that most of the reason such a surge in socialist ideology has swept across the American landscape is pure ignorance. He believes most people don’t understand the basics of how economies work and why socialism is an impossible model. You’ll get to hear Lew’s perspective on this episode.

Why is socialism an impossible system?

Those who believe that a socialist society would be a better society simply don’t know history and don’t understand economics. There has never been a socialist government that has actually worked and more importantly, there has never been a socialist country whose citizens were better off because of socialism. As I chatted with Lew Rockwell on this episode of The Capitalism Podcast I was once again impressed with his grasp of how basic economics informs the way governments can and can’t operate and how the American public needs to be educated on these fundamental principles of a healthy economy. Lew makes many recommendations as to how you can begin educating yourself during this conversation, so I encourage you to listen and learn.

The United States is not socialist as much as it is semi-fascist.

That’s a statement my guest, Lew Rockwell made on this episode of the Capitalism Podcast that might cause you a bit of concern. But when you hear Lew describe what he means by it everything comes into clear focus. The structures that have been baked into our current governmental system make it such that it supports the power structures and oligarchy that already exist and suppress the small business people and entrepreneurs who challenge that system. For the full explanation you need to hear Lew’s description for yourself, so take the time to listen to this episode. If you do, you’ll understand what’s happened to our government and what you can do to help make needed changes.

Why minimum wage laws actually discourage work.

My guest today, Lew Rockwell is a very outspoken opponent of any minimum wage laws. He believes that they actually discourage work and promote an entitlement mentality that is unhealthy for individuals and damaging to the country. In this conversation, Lew and I spend a good deal of time talking about the history behind minimum wage laws and how they’ve not achieved the things they were created to do. It’s a very counter-cultural conversation that I encourage you to hear if you want to learn how to think about the political, social, and economic issues that are going on around you all the time.

What is socialism? An understanding of basic economics would tell you.

One of the many great points my guest, Lew Rockwell makes on this episode of The Capitalism.com Show podcast is that much of the confusion and wrong-headed thinking that takes place in every election cycle would be eliminated if every citizen had a basic understanding of how economics works. That knowledge alone would be enough to show why socialism is a bad idea and encourage creative thinking that would fuel better and more stable economic and political systems. Lew makes many recommendations of books and resources you can use to educate yourself about these important issues, so be sure you listen.

Outline of This Episode

  • [0:24] My introduction to Lew Rockwell.
  • [1:00] What we can say to the younger generations that lean toward socialism.
  • [3:14] Why socialism can’t truly work.
  • [6:37] How the U.S. is semi-fascist.
  • [12:15] Why the minimum wage is a damaging thing and how it discourages work.
  • [18:51] Why are many modern leaders far left in their views?
  • [23:23] Why every person needs to understand basic economics.

Resources & People Mentioned

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