Economic History 101, Lessons for a President

Given the current US President’s espousal of a theory that Government produces the wealth that enables success, we thought we would share a bit of economic history that he may find helpful.

We will start with the basic issue put forth by the President, one of individual initiative versus Government initiative and the closely related “theory of incentives”.

Rather than dry economic analysis that will surely bore the President and our readers, I have chosen simply to share a bit of history to illustrate the concepts that President Obama often fails to comprehend.

In the first installment we will be looking at one of the most calamitous experiements in replacing individual initiative with Government Initiative, Mao Zedong’s Great Leap Forward.  As with most of our presentations, we will use sources throughout the web to tell the story.

We welcome your comments on this series that we hope will illustrate the critical ideological framework of the current American political spectrum and hope that you find this series illuminating as well.

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