Reply #28: Capitalism is full of flaws

[golfguru]

But strictly measured as overall prosperity creator, nothing else comes close.

Socialism/communism whatever you call it has not created prosperity
in a single country. Examples abound...

West Germany, capitalist, prosperous. East Germany not even close.
South Korea, capitalist, prosperous. North Korea, a basket case.
Above examples are so striking because the people are the same yet results so different.

My own country of birth followed the Soviet model, with 5 year government plans for progress,
and every major industry run by the government (railroads, Airlines, banks, insurance, machine tools, electricity generation, steel, telephones, and so on).

Result? No prosperity. The service was abominable, corruption was rampant.
Then something happened. India discovered capitalism. Watch this short YOUTUBE video
on how India is transforming with nascent capitalism. Corruption still exists and poverty
still exists, but it is impossible to eradicate that in a country of 1 Billion people in
a short time. But things are now moving in the right direction.

http://www.youtube.com/watch?v=xjB_Tf7Cy3A&feature=related