Hong Kong is at the top of the class in economic freedom and among the most prosperous in the world. Just note the change between 1980 and 2017: 255 percent increase in GDP per capita on PPP basis. Singapore, thanks to Lee Kuan Yew, did even better: #2 in economic freedom ranking, its GDP pc increased over 3x. Here’s a graphic illustration of the correlation between economic freedom and prosperity. The causal link is from freedom to prosperity.
Venezuela, much beloved of socialists like Bernie Sanders, went from moderately well-off to desperate poverty in the same period thanks to socialism. I note in passing that India was declared a socialist country by Indira Gandhi, and it shows.
Click on the image above to get to the Washington Times article by Richard W. Rahn. Quote from the article:
Socialism elevates the “collective” over the individual, which by definition requires destroying individual liberty. Under socialism, the individual is usually required to hand over (by force if necessary) an ever-increasing share of his or her work product to the state or its agents. Individual action, including speech and belief, is restricted anyplace it runs afoul of the state-sanctioned collectives.
It’s all karma, neh?