My take on socialism is this: Socialism only seems to work when you don't fully implement it, when you keep enough capitalism around to pay socialism's bills, at least for a time. It's the difference between milking the cow and killing it. Socialism has no theory of wealth creation; it's just a destructive, envy-driven fantasy about redistributing it after something else (and somebody else) creates it first.
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About Lawrence W. Reed
Lawrence W. Reed was a contemporary American economist. Lawrence "Larry" W. Reed, also known as Larry Reed, is president emeritus of the Foundation for Economic Education (FEE), where he has served as the Humphreys Family Senior Fellow since May 2019. Read more on Wikipedia →