Britain’s impending bankruptcy

The sheer costs of rising and unfunded welfare obligations in Britain leading to financial collapse are a lesson for all G7 nations. There is no escape.

The British public believes that individuals have a fundamental right to welfare benefits and free healthcare. Just as the fallacies behind communism led to the collapse of the USSR and Mao’s China, European socialism is facing the same fate.

Beyond a certain point, all forms of socialism are bound to share communism’s destiny because they subscribe to the same Marxist philosophy. They believe that the state knows best and must control all economic activity either through ownership, command, or regulation. And they believe that free trade exploits the workers and enriches the capitalists— a mantra that is openly driving British government policy.

It is to the frustration of free traders that the political agenda increasingly destroys economic activity. Nowhere is this truer today than in Britain, where an inexperienced socialist government is comprised of ministers whose knowledge of political economy has not progressed much beyond the ideological naivety of university debating societies and the protest marches of their youth.