Chile is the most prosperous country in South America precisely because it has (so far) avoided adopting the socialist policies being pushed on it by left-wing reformers.
China’s “new infrastructure” will likely be but one more example of the false promise of technology as an antidote to the irrationality of state-controlled economies.
In the 1960s, politicians and bureaucrats had nearly unbounded faith in the ability to plan a nearly perfect society. Things didn't turn out as they had planned.
Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."
A big reason that socialist ideology has staying power is the tactic of blaming the many failures and disasters of socialist regimes on the alleged fact the regimes "aren't real socialism."
