While some may find Socialism inviting on the surface, history tells us that it leads to “chaos.” Research Director for Acton Institute, Samuel Gregg, wrote a recent piece for The Stream in which he reveals the reality behind an ideology now gaining popularity. Gregg explains how we can learn both from West Germany’s mistakes and fruitful embrace of free markets.
Amid the havoc wreaked by National Socialism during WWII, there survived a small group of German economists who propelled a vision contrary to Hitler’s socialism. This group included Wilhelm Röpke, Walter Eucken and Franz Böhm. Thanks to the influence of their writings, Ludwig Erhard (“appointed director of economics in 1948 for the zones administered by America and Britain”) championed a “stable currency and free prices.” Nazi holds on economy in West Germany collapsed, and as a result, Germany continues to reap the benefits today. (more…)