📈 "Britain's housing crisis has been solved. The crisis is over."
🏘️
@K_Niemietz
explains how a series of policy changes, starting in 2025, unleashed Britain's biggest housing boom since the 1930s 👇
🏅 Friederich Hayek is perhaps best known for his work on economic booms and busts, for which he was awarded a Nobel Prize in Economics in 1974.
Read 'The Essential Hayek' to learn more ⤵️
📈 Known as 'the father of economics', Adam Smith made key insights into how free trade and the division of labour creates wealth.
📚 Read 'The Essential Adam Smith' to learn more ⤵️
In 1980, 40 per cent of the world’s population lived in abject poverty, surviving on less than $2 a day. Today only 8 per cent do. The answer to global poverty is *more* capitalism - not less!
💸 One of Milton Friedman’s key insights, which defied conventional economic theory at the time, was that using inflation to control unemployment was not sustainable.
📚 Learn more with 'The Essential Milton Friedman' 👇
📈 The economist Joseph Schumpeter is best known for popularizing the term 'creative destruction' to describe the entrepreneurial process where new innovations arise and cause the old way of doing things to disappear.
Find out more ⤵️
Venezuela was once the wealthiest country in South America.
Until a politician promised a 'free' alternative.
Seized over 1,000 companies.
Now power and water are off.
Medicines limited.
Crime skyrocketed.
Democracy replaced by dictatorship.
Why?
One word: socialism.
Socialism 𝗳𝗮𝗶𝗹𝗲𝗱 in:
🇩🇪 Germany
☭ The Soviet Union
🇰🇭 Cambodia
🇨🇺 Cuba
🇨🇳 China
🇻🇳 Vietnam
🇰🇵 North Korea
🇷🇴 Romania
🇻🇪 Venezuela
🇦🇱 Albania
🇬🇧 So 𝐰𝐡𝐲 would it work here?
🇸🇪 Sweden is often characterised as having a socialist economy. But it has one of the highest levels of economic freedom in the world.
📺 Learn more with the new Realities of Socialism mini-documentary with
@MaryAnastasiaOG
and
@johanknorberg
⤵️
Socialism 𝗳𝗮𝗶𝗹𝗲𝗱 in:
🇩🇪 Germany
☭ The Soviet Union
🇰🇭 Cambodia
🇨🇺 Cuba
🇨🇳 China
🇻🇳 Vietnam
🇰🇵 North Korea
🇷🇴 Romania
🇻🇪 Venezuela
🇦🇱 Albania
🇬🇧 So 𝐰𝐡𝐲 would it work here?
☭ Young people across the English speaking world tend to have a more favourable view of socialism than older people, but the real-world costs of bigger government remain far less popular.
📺 Watch the new Realities of Socialism mini-documentary to learn more ⤵️
💲 F.A. Hayek did arguably more than any other economist to research and explain the vital role of prices in conveying information.
📺 Rosemarie Fike and Don Boudreaux discuss his work on the Essential Scholars podcast ⤵️
🇵🇱 The typical Pole was worse off under post-War communism in almost every measurable way. But since the fall of the Berlin Wall, Poland freed its economy and reaped the rewards.
📺 Watch the Realities of Socialism documentary on Poland to learn more ⤵️
📚 Lessons from Singapore’s Economic Growth Miracle
🇸🇬 The latest Realities of Socialism publication explains how Singapore went from being one of the world's poorest nations to one of the richest 🧵
🇵🇱 ☭ Poland's experience under socialism was defined by shortages, inefficiency, and high prices.
Find out more with
@FraserInstitute
's 'The Road to Socialism and Back: An Economic History of Poland' ⤵️
🇩🇰 🇸🇪 Sweden and Denmark have generous welfare states. But they are only able to do so with a free market economy and high levels of broad-based taxes like VAT.
@FraserInstitute
's Jason Clemens explains on the Realities of Socialism podcast ⤵️
🇩🇰 Scandinavian countries like Denmark are often characterised as socialist. But the picture is actually much more nuanced.
📝 Read 'The Free Enterprise Welfare State: A History of Denmark’s Unique Economic Model' to find out more ⤵️
By the 1970s, Sweden began to experiment with more central planning and higher government spending.
But by the early 1990s, this experiment was being reversed.
Find out why in
@johanknorberg
's 'The Mirage of Swedish Socialism' ⤵️
🇪🇪 The Road to Freedom: Estonia’s Rise from Soviet Vassal State to One of the Freest Nations on Earth
📈 The latest Realities of Socialism publication outlines how Estonia unleashed free markets and turbocharged prosperity after a half-century of Soviet socialist domination
🧵
🌹 What is the traditional definition of socialism? Is it really the same as what young people think socialism means?
Join Rosemarie Fike and Dr. James R. Otteson (
@jroii
) as they discuss in the latest
@FraserInstitute
Realities of Socialism podcast 👇
“They want us to essentially move to vegan lifestyles in which we don’t eat meat, we don’t have Coca Cola, in which people who can’t afford it are taxed out of being able to do this, whilst they fly around on their jets in Davos!” says
@KateAndrs
on the Lancet's diet prescription
🇪🇪 ☭ Estonians suffered immensely under Soviet socialism, with policies like collectivisation and forced deportations decimating the economy.
📺
@RealHarrisonG
and
@mercatus
'
@PeterBoettke
discuss new research for the Realities of Socialism project ⤵️
Socialism failed in:
🇩🇪 Germany
☭ The Soviet Union
🇰🇭 Cambodia
🇨🇺 Cuba
🇨🇳 China
🇻🇳 Vietnam
🇰🇵 North Korea
🇷🇴 Romania
🇻🇪 Venezuela
So why does the idea never die?
Here's the IEA's very own
@K_Niemietz
👇
☭ Young people across the English speaking world tend to have a more favourable view of socialism than older people.
❓ But do most people understand the costs and trade-offs of bigger government?
📺 Watch the new Realities of Socialism mini-documentary to learn more ⤵️
🇸🇪 Sweden is often touted as a case of successful socialism in action. But that's not the whole story.
📚 Our
@K_Niemietz
and
@RealHarrisonG
discussed
@johanknorberg
and
@FraserInstitute
's 'The Mirage of Swedish Socialism', and the key role of markets in Sweden's prosperity ⤵️
🇸🇬 Singapore's dramatic economic growth since the 1960s has delivered tangible improvements to standards of living. Singaporeans live 18 years longer on average than they did in 1960.
Learn more ⤵️
🇸🇬 After gaining independence from Malaysia in 1965, Singapore was a poor country. By 2018, its GDP per person was 64% higher than the average for wealthy nations.
📝 Find out more ⤵️
“The fact we are leaving, staying in the Customs Union, having a foreign power setting tax policies – because that’s what a Customs Union is all about – it’s an indirect tax… it brings aspirations for an independent trade policy to an end,” says the IEA’s
@MissVHewson
"If you read today's leaked documents, Labour's 'evidence' for the NHS being 'on the table' in a US/UK trade negotiation is notably absent. Indeed, the actually seems like the opposite is true."
Institute of Economic Affairs'
@KateAndrs
debates Labour's 'NHS for sale' claim 👇
🇩🇰 Denmark's generous welfare state have led many to describe it as a case of successful socialism in action. But the country's prosperity is firmly rooted in free markets.
📝 Find out more with Realities of Socialism ⤵️
Estonian incomes fell drastically under Soviet rule in comparison to many of its European neighbours.
Find out why in 'The Road to Freedom: Estonia’s Rise from Soviet Vassal State to One of the Freest Nations on Earth' 👇
🇩🇰 Denmark's experiment with large-scale economic intervention, led to serious structural unemployment, relatively rapid price increases, and a balance of payments crisis.
Learn more here⬇️
🏴 📚 David Hume was a member of the Scottish Enlightenment and is considered one of the greatest empiricist philosophers of all time.
Learn more about Hume's key ideas ⤵️
🇩🇰 🗽 After its experiment with highly interventionist economic policies failed, Denmark morphed into one of the freest economies in the world.
📝 Read 'The Free Enterprise Welfare State: A History of Denmark’s Unique Economic Model' to find out more ⤵️
🇪🇪 In 'The Road to Freedom' authors
@PeterBoettke
, Matthew D. Mitchell & Konstantin Zhukov chart Estonia's transformation from a Soviet vassal state plagued by shortages to one of Europe's freest and fastest developing nations.
📝 Find out more ⤵️
Scandinavia is not socialist...
💰 Sweden, Denmark and Norway don't have a minimum wage
🏫 Sweden's education system is based on Milton Friedman's policy ideas
🏢 Corporate tax in Sweden, Denmark among lowest in EU 15
It's Venezuela that's socialist - and millions are fleeing.
📚 80 years ago, F.A. Hayek's 'The Road to Serfdom' was released as a warning about the risk of expanded government planning starting the slow descent into tyranny.
Learn more with 'The Essential Hayek' by Donald J. Boudreaux ⤵️
Our
@KateAndrs
says it is ridiculous to suggest that the US is responsible for socialist Venezuela's actions:
🕵️♂️ Seizing over 1,000 companies
📈 Price controls
🛢️ Over-reliance on oil
👊 Attacks on opposition parties & press
☠️ Torturing and killing its own people
After more than 50 years under the twin tyrannies of Nazism and Communism, Poland's prosperity began to skyrocket after its transition to a market economy.
Find out more 👇
🇦🇹 📝 The Austrian School of Economics was started by 19th century economist Carl Menger, who noticed major differences between what most economists were teaching about prices and what he observed in the real world.
📚 Learn more with Essential Scholars ⤵️
🇸🇪 Despite the mischaracterizations of the country after experimenting with socialist policies in the 1970s and 80s Sweden has a long history of free markets and liberalism.
📝 Read
@johanknorberg
's 'The Mirage of Swedish Socialism' to learn more ⤵️
📈 Despite its reputation for high welfare spending, Denmark's tax system is extremely friendly to business with its 13.8% corporate tax rate being one of the lowest among rich nations.
Find out more with
@FraserInstitute
's latest Realities of Socialism paper 👇
🇩🇰 While Denmark has a generous welfare state, its economy is squarely based on a foundation of free markets.
💸 Taxes for businesses are low and high government spending is disproportionately funded by broad-based taxes like VAT.
Find out more 👇
Chile and Venezuela stand at two extremes in terms of development in Latin America. One is a success story, the other suffers from one of the most acute humanitarian crises ever seen in the Western Hemisphere. Why is that so?
@HumanProgress
explains:
🇸🇬 📈 Since 1960, Singapore has gone from being one of the poorest countries in the world to one of its richest. Economic freedom has been key to the approach that made it happen.
Find out more with 'Lessons from Singapore’s Economic Growth Miracle' ⤵️
🇸🇬 Economic freedom has been at the heart of Singapore's immense growth since the 1960s. One example of this is its relatively low top rate of income tax.
Find out more 👇
🇸🇬 Singapore does have an active state, but it is much smaller as a percentage of the economy compared to most other wealthy nations.
Read 'Lessons from Singapore���s Economic Growth Miracle' to learn more ⤵️
Socialism 𝗳𝗮𝗶𝗹𝗲𝗱 in:
🇩🇪 Germany
☭ The Soviet Union
🇰🇭 Cambodia
🇨🇺 Cuba
🇨🇳 China
🇻🇳 Vietnam
🇰🇵 North Korea
🇷🇴 Romania
🇻🇪 Venezuela
🇬🇧 So, 𝐰𝐡𝐲 would it work here?
The IEA's Dr
@K_Niemietz
on the 𝗳𝗮𝗶𝗹𝗲𝗱 idea that never dies 👇
“The UK is currently spending more on foreign aid than it is on policing in Wales and England... when kids are out in the parks getting stabbed your priorities aren't in the right place if you're spending less there than you are abroad,” says
@KateAndrs
.
#BBCQT
🇸🇬 🎓 Singapore's government spends significantly less on education than the OECD average but gets far better outcomes.
📚 Find out more in Chapter 4 of 'Lessons from Singapore’s Economic Growth Miracle' ⤵️
🇸🇬 Singapore's 20th Century economic miracle has had tremendously positive effects, including a 20-year boost in life expectancy since 1960.
Read 'Lessons from Singapore’s Economic Growth Miracle' to find out more ⤵️
🇪🇪 Under Soviet socialism Estonia began to wilt. After socialism it bloomed.
Read ‘The Road to Freedom: Estonia’s Rise from Soviet Vassal State to One of the Freest Nations on Earth’ to find out more⬇️
🇪🇪 Estonian farm production declined after Soviet collectivization. Numerous people died as a result of deportations.
Read ‘The Road to Freedom: Estonia’s Rise from Soviet Vassal State to One of the Freest Nations on Earth’ to find out more⬇️
🇸🇪 While Sweden is often touted as an economic model for the left, free markets have played a vital role in the country's development
📺Our
@K_Niemietz
and
@RealHarrisonG
discuss
@FraserInstitute
and
@johanknorberg
's 'The Mirage of Swedish Socialism' 👇
🇸🇬 Singapore's economy consistently ranks as one of the freest in the world. Even its social safety net makes heavy use of private enterprise.
📝 Find out more ⤵️
🇩🇰 Before experimenting with a highly regulated economy in the 1970s, Denmark's economic history was defined by liberalism and free markets.
📝 Find out more ⤵️
“You cannot be in a halfway house – none of this 'New Customs Partnership' business. Take your place on the global stage again”
A reminder from former New Zealand High Commissioner Sir Lockwood Smith on why Britain MUST leave the EU’s
#SingleMarket
and
#CustomsUnion
:
🇩🇰 Throughout the 1970s and 80s, Denmark rapidly increased government spending to one of the highest levels in the Western world.
📉 But by the mid 1990s, the government was cutting spending.
Find out why in the latest
@FraserInstitute
Realities of Socialism report ⤵️
🇪🇪 Estonians were earning 84% more than Finns and over twice as much as the average person in the Soviet Union, but thanks to Soviet socialism, that would soon change.
Find out more with the latest
@FraserInstitute
Realities of Socialism study 👇
🇩🇰 Denmark does have one of the most generous welfare systems in the world, but did you know that the it is also one of the most expensive to administer?
Learn more about the Danish economic model here⬇️
“There will be vanishingly little interest from other major countries in discussing new trading relationships if the UK is not in full command of its own regulatory handbook and its tariff schedules,” says the IEA’s
@MarkJLittlewood
The deal “guarantees a bad deal with the EU and it guarantees no deal with anyone else,” says the IEA’s
@ShankerASingham
on the Withdrawal Agreement’s impact on UK trade
🇪🇪 In the latest Realities of Socialism documentary
@PeterBoettke
,
@WSJ
's Mary O'Grady, and
@FraserInstitute
's Matthew Mitchell explain struggles endured by Estonia's people for five decades under Soviet socialism ⤵️
🇩🇰 🗽 Despite its high personal tax rates and government spending, Denmark's economy is of the freest in the world.
Read
@FraserInstitute
's 'The Free Enterprise Welfare State: A History of Denmark’s Unique Economic Model' to find out more 👇
📚📈 Milton Friedman's methods inspired the creation of entire new subfields including the economic analysis of law, the quantitative approach to economic history, the economics of crime and punishment, and the economics of family relationships.
Find out more 👇
☭ 🇵🇱 Economic Freedom determines the extent to which a nation relies on families, entrepreneurs, business-owners to make economic decisions, rather than the state.
📈 As Poland's economic freedom increased in the 1990s, it began to prosper.
Find out more 👇
☭ 💵 What exactly do we mean by 'capitalism' and what do we mean by 'socialism'?
🤔 How have the definitions of both terms changed throughout the centuries?
📺 Find out on the Realities of Socialism podcast with
@jroii
⤵️
Socialism failed in:
🇩🇪 Germany
☭ The Soviet Union
🇰🇭 Cambodia
🇨🇺 Cuba
🇨🇳 China
🇻🇳 Vietnam
🇰🇵 North Korea
🇷🇴 Romania
🇻🇪 Venezuela
Why would it work anywhere else?
Here's an explainer by
@K_Niemietz
of the '3 stages of socialism' 👇
"We need to be able to provide houses for people whilst protecting the most beautiful bits of the countryside, and this isn’t impossible or contradictory."
@Jacob_Rees_Mogg
on
@GMB
discussing his new housing report for the IEA, free to download here:
"Whatever the established culture is is going to try and defend itself and our establishment seems to be steeped in wokery"
@lozzafox
on the free speech crisis, speaking to
#ThinkTent2020
🏆 NEW:
@Jacob_Rees_Mogg
launches the Richard Koch Breakthrough Prize, an essay competition which looks for free-market solutions to the housing crisis.
💷 £50,000 top prize! Details here →
If you increase tax rates, you reduce the attractiveness of doing the activity and shrink your tax base.
Dr Art Laffer – the renowned American economist – explains the Laffer Curve 👇
🚺 Here's
@KateAndrs
on why the 'Gender Pay Gap' reporting measures are worse than useless, and why women should be working to reclaim the better side of feminism, rooted in fairness, equality and truth! 🚺
"REAL socialism has never been tried!"
Every socialist experiment eventually collapses, and every socialist experiments becomes retroactively un-real as soon as it does.
PRESS RELEASE: IEA launches a series of ‘no deal’
#Brexit
Fear-Checkers to help separate theoretical risks from reality.
First two briefings:
✈️ 'Planes won't fly'
📶 'Mobile phone bills will soar'
😒 Socialists claim that previous versions went wrong because of external constraints, wrong location, etc.
💡 Let's do a thought experiment, where we assume all those factors away. Let's see how that turns out.
🚨 Spoiler alert: it still goes wrong!
The IEA was delighted to host a reception with Senator
@RandPaul
on Friday, thank you for your brief remarks on the Special Relationship and the future of freedom on both sides of the pond
Under socialism, Polish life expectancy consistently lagged compared to its Western European counterparts.
📚 Find out more in 'The Road to Socialism and Back: An Economic History of Poland', part of
@FraserInstitute
's Realities of Socialism series 👇
“They’ve maximised the potential costs, minimised the potential benefits and that’s why they get the very negative numbers they do for the WTO scenario,” says the IEA’s Chief Economist
@julianHjessop
on Treasury and Bank of England
#Brexit
analysis
“We are comparing today, CEOs who have been working for a company for fifty years, to an entry-level junior researcher who is twenty-two-year-old, it’s not very meaningful,” says the IEA’s
@KateAndrs
on data used to suggest that women started working for 'free' from November 10th
🇪🇪 🇫🇮 After 50 years under Soviet socialism, the average Estonian could expect to die over 9 years earlier than those in high-income countries.
📺
@RealHarrisonG
and
@mercatus
'
@PeterBoettke
discuss new research for the Realities of Socialism project ⤵️
🇺🇸🇬🇧 “Our country [the USA] is waiting, impatiently, for Brexit to be finalised and for it to occur, and to self-regulate and to make decisions,” says the Lieutenant Governor of Oklahoma to
@SteveBakerHW
in our latest podcast.
🎧 Stream it here: