As we celebrate Thanksgiving, it’s a time to reflect on the abundance we enjoy. Through the lens of history, we can see that the ability to have a meal with leftovers was not always a given. The progress towards this abundance can be attributed to free markets and capitalism.
Today, in the United States, we spend less of our income on food than ever before, thanks to the efficiency and innovation brought about by capitalism. Countries with heavy government intervention often face food shortages and hunger, as seen in Venezuela and Cuba.
The lessons learned by the Pilgrims, who initially tried communal living but later adopted private property and capitalism, show the importance of incentives and individual ownership in creating prosperity. The concept of socialism, while appealing in theory, has shown disastrous results in practice.
As we sit down to our Thanksgiving meal, let us remember the importance of free markets and private property in creating the abundance we enjoy today. John Stossel, an advocate for freedom and limited government, highlights the benefits of capitalism in his work and encourages us to be grateful for the prosperity it brings.
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