This is according to the Taxpayer Alliance’s Chloe Westley. It is a familiar story: the collapse of the Soviet Union and other communist regimes provided incontrovertible proof that economic planning doesn’t work. Wherever governments have tried to plan the allocation of resources, the result has been disastrous. In contrast, wherever governments have got out of the way, stopped intervening everywhere and let markets run their natural course, people have flourished.
There are many problems with this narrative. But one that is often overlooked is the extent to which capitalist economies are also planned.