No, it doesn't.

Communism Fails In Theory

"When, at the age of twelve, at the time of the Russian revolution, I first heard the Communist principle that Man must exist for the sake of the State, I perceived that this was the essential issue, that this principle was evil, and that it could lead to nothing but evil, regardless of any methods, details, decrees, policies, promises and pious platitudes. This was the reason for my opposition to Communism then—and it is my reason now.

I am still a little astonished, at times, that too many adult Americans do not understand the nature of the fight against Communism as clearly as I understood it at the age of twelve: they continue to believe that only Communist methods are evil, while Communist ideals are noble. All the victories of Communism since the year 1917 are due to that particular belief among the men who are still free."

Ayn Rand, Author of Atlas Shrugged


"The reasons why the adoption of a system of central planning necessarily produces a totalitarian system are fairly simple. Whoever controls the means must decide which ends they are to serve. As under modern conditions control of economic activity means control of the material means for practically all our ends, it means control over nearly all our activities. The nature of the detailed scale of values which must guide the planning makes it impossible that it should be determined by anything like democratic means.

The director of the planned system would have to impose his scale of values, his hierarchy of ends, which, if it is to be sufficient to determine the plan, must include a definite order of rank in which the status of each person is laid down. If the plan is to succeed or the planner to appear successful, the people must be made to believe that the objectives chosen are the right ones. Every criticism of the plan or the ideology underlying it must be treated as sabotage. There can be no freedom of thought, no freedom of the Press, where it is necessary that everything should be governed by a single system of thought.

In theory Socialism may wish to enhance freedom, but in practice every kind of collectivism consistently carried thought must produce the characteristic features which Fascism, Nazism, and Communism have in common. Totalitarianism is nothing but consistent collectivism, the ruthless execution of the principle that 'the whole comes before the individual' and the direction of all members of society by a single will supposed to represent the 'whole'."

Friedrich Hayek, Author of The Road to Serfdom

Communism Fails In Practice

The Gulag was the government agency in charge of the Soviet forced labor camp system that was created under Vladimir Lenin and reached its peak during Joseph Stalin's rule from the 1930s to the 1950s. ... The large majority of prisoners at most times faced meager food rations, inadequate clothing, overcrowding, poorly insulated housing, poor hygiene, and inadequate health care. Most prisoners were compelled to perform harsh physical labor. ... The estimated total number of those who died in imprisonment in 1930—53 is at least 1.76 million, about half of which occurred between 1941—43 following the German invasion.

Wikipedia (Full citations in article)


Collectivization in the Soviet Union was a policy, pursued between 1928 and 1933, to consolidate individual land and labour into collective farms. ... As the peasantry, with the exception of the poorest part, resisted the collectivization policy, the Soviet government resorted to harsh measures to force the farmers to collectivize. In his conversation with Winston Churchill Stalin gave his estimate of the number of "kulaks" who were repressed for resisting Soviet collectivization as 10 million, including those forcibly deported. Recent historians have estimated the death toll in the range of six to 13 million.

Wikipedia (Full citations in article)


The Soviet famine of 1932—33 was a major famine that killed millions of people in the major grain-producing areas of the Soviet Union ... The Holodomor in Ukraine and Kazakh famine of 1932—33 have been seen as genocide committed by Joseph Stalin's government; it is estimated between 3.3 and 7.5 million died in Ukraine and ~2,000,000 (40% of all Kazakhs) died in Kazakhstan.

Wikipedia (Full citations in article)


The Great Chinese Famine was a period in the People's Republic of China between the years 1959 and 1961 characterized by widespread famine. ... Estimates of deaths due to starvation range in the tens of millions.

Wikipedia (Full citations in article)


Fortunately, there is another way.

Capitalism Works In Theory

"We're all grossly ignorant about most things that we use and encounter in our daily lives, but each of us is knowledgeable about tiny, relatively inconsequential things. For example, a baker might be the best baker in town, but he's grossly ignorant about virtually all the inputs that allow him to be the best baker. What is he likely to know about what goes into the processing of the natural gas that fuels his oven? For that matter, what does he know about oven manufacture?

Then, there are all the ingredients he uses -- flour, sugar, yeast, vanilla and milk. Is he likely to know how to grow wheat and sugar and how to protect the crop from diseases and pests? What is he likely to know about vanilla extraction and yeast production?

Just as important is the question of how all the people who produce and deliver all these items know what he needs and when he needs them. There are literally millions of people cooperating with one another to ensure that the baker has all the necessary inputs.

It's the miracle of the market and prices that gets the job done so efficiently. What's called the market is simply a collection of millions upon millions of independent decision makers not only in America but around the world. Who or what coordinates the activities all of these people? Rest assuredly it's not a bakery czar.

Walter E. Williams, Economist


"A major source of objection to a free economy is precisely that it gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself."

Milton Friedman, Nobel Prize Winning Economist


"The direct use of physical force is so poor a solution to the problem of limited resources that it is commonly employed only by small children and great nations."

David D. Friedman, Author of The Machinery of Freedom


Capitalism Works In Practice

"In 1820, the vast majority of people lived in extreme poverty and only a tiny elite enjoyed higher standards of living. Economic growth over the last 200 years completely transformed our world, with poverty falling continuously over the last two centuries. This is even more remarkable when we consider that the population increased 7—fold over the same time. In a world without economic growth, an increase in the population would result in less and less income for everyone. A 7—fold increase in the world population would be potentially enough to drive everyone into extreme poverty. Yet, the exact opposite happened. In a time of unprecedented population growth, we managed to lift more and more people out of poverty."

Our World In Data


"As I write this, it is nine o'clock in the morning. In the two hours since I got out of bed I have showered in water heated by North Sea gas, shaved using an American razor running on electricity made from British coal, eaten a slice of bread made from French wheat, spread with New Zealand butter and Spanish marmalade, then brewed a cup of tea using leaves grown in Sri Lanka, dressed myself in clothes of Indian cotton and Australian wool, with shoes of Chinese leather and Malaysian rubber, and read a newspaper made from Finnish wood pulp and Chinese ink."

Matt Ridley, Author of The Rational Optimist


"Capitalism is a dirty word for many intellectuals, but there are a number of studies showing that open economies and free trade are negatively correlated with genocide and war."

Steven Pinker, Author of Enlightenment Now


"Two decades ago, however, socialism and communism died rudely, then were buried forever by the empirical demonstration of the superiority of market capitalism everywhere from Thatcher's England to Deng's Dhina, where just the partial abolition of socialism lifted more people out of poverty than ever in human history."

Charles Krauthammer, Conservative Columnist

Want to learn more?

Online Resources

Foundation for Economic Education

"FEE's mission is to inspire, educate, and connect future leaders with the economic, ethical, and legal principles of a free society. These principles include: individual liberty, free-market economics, entrepreneurship, private property, high moral character, and limited government."


Mises Institute

"The Mises Institute exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard."


Reason

"Reason is the monthly print magazine of 'free minds and free markets.' It covers politics, culture, and ideas through a provocative mix of news, analysis, commentary, and reviews. Reason provides a refreshing alternative to right-wing and left-wing opinion magazines by making a principled case for liberty and individual choice in all areas of human activity."


The Libertarian Party

"The Libertarian Party is your representative in American politics. It is the only political organization which respects you as a unique and responsible individual. Our slogan is that we are 'The Party of Principle', because we stand firmly on our principles. Libertarians strongly oppose any government interference into their personal, family, and business decisions. Essentially, we believe all Americans should be free to live their lives and pursue their interests as they see fit as long as they do no harm to another."

Books

The Law by Frederic Bastiat

Despite being written in 19th century France, The Law is a short, straight forward read that convincingly outlines the principles of liberty and free markets.


Capitalism: The Unknown Ideal by Ayn Rand

"The foundations of capitalism are being battered by a flood of altruism, which is the cause of the modern world's collapse. This is the view of Ayn Rand, a view so radically opposed to prevailing attitudes that it constitutes a major philosophic revolution. Here is a challenging new look at modern society by one of the most provocative intellectuals on the American scene."


The Road to Serfdom by Friedrich Hayek

"The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with increasing economic control would lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy."


Economics in One Lesson by Henry Hazlitt

"With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day."