Unlike socialism, market reforms need not be total, complete, or utopian in order for their benefits to be recognized. This is why market advocates never need to say “market reforms didn’t work in Country X because that country never achieved full and true capitalism! If only all the socialists been liquidated, then true capitalism would have been realized!” This is never said said because even half-measures in the direction of laissez faire improve economic growth and standards of living.  We saw this in West Germany after World War II with the reforms of Ludwig Erhard, who helped usher in a … Continue reading Why Do Half-Measures Work for Markets, But Not for Socialism?