Democratic socialism is traversing through the news cycle. Based on headlines and electoral results, this is New York City Mayor Zohran Mamdani’s world, and we are merely living in it. But poison by any other name would taste just as toxic. Throughout history, societies have experimented with various socialist miracles – or nightmares, if you will – and the closest anyone has ever come – Norway, for example – is to rely on capitalism and free markets to fund an immense social welfare state.
There are, however, plenty of illustrations of market miracles since the Second World War, brought to you by Ludwig Erhard in Germany, Lee Kuan Yew in Singapore, and Javier Milei in Argentina.
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