Socialism's One Percent

We thought just for an instant 
We could see the future
We thought for once we knew
What really was important
--Til Tuesday

Tom DiLorenzo's discussion of wealth distribution under socialism (using the current Venezuelan meltdown as a backdrop) reminds us that, under socialism, wealth is far more concentrated at the top than under capitalism. Despite the 'common wisdom' that capitalism is more prone to produce 'haves' and 'have nots,' it is socialism that redistributes most wealth into the hands of the politically connected, while all others wallow in squalor.

Socialism increases the distance between top and bottom of the socioeconomic pyramid. Capitalism shrinks that distance.