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Socialism Exposed by Natural Disaster

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William Anderson today talks about America's pockets of socialism and how they collapse when tested. Meanwhile, in the prison called North Korea, there is massive flooding and disaster in an unimaginable scale, as socialist structures are washed away in the tide of history. "The heavy rain destroyed at least 800 public buildings, over 540 bridges, 70 sections of railroads and at least 1,100 vehicles, pumps and electric motors," said the official media of the state. Homes for more than 20,000 families are partly or completely destroyed, and this is what the government admits. Needless to say, there is no market for risk and insurance under socialism. A system that has no rational means for calculating the profits and losses associated with any resource allocation certainly can't assess risk factors and price them accordingly — institutions and signals we take for granted under capitalism.

Jeffrey Tucker is Editorial Director of the American Institute for Economic Research. He is author of It's a Jetsons World: Private Miracles and Public Crimes and Bourbon for Breakfast: Living Outside the Statist Quo. Send him mail.

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