People like to have control of what goes on in their lives.
Now if there is freedom to pursue one’s own interest, the stronger and brighter people excel, leaving many others with less.
The theory of communism was to correct such inequalities. Each person was to do his best, then all that is produced in the country is divided equally.
A ruling class soon developed in the Soviet Union, and began to try and make such an economy work. They decided on making five-year plans to produce their goods and services. The leaders had control over everything to supposedly keep it all fair.
In Western Europe and the U.S., the market system allowed people to make what would sell in the market. No sooner had a need developed than an entrepreneur produced it — not five years later.
After a while, the Soviet Union, plodding along with five-year plans, fell so far behind the West they went bankrupt, but the ruling class had gained control of the oil resources and was doing well.
In the West, new products were introduced far enough apart in time that a money market could plan and provide the new funding. As a result, the money markets became profitable. Then entrepreneurs began to produce new or improved products faster and faster, so they began to handle their own money affairs, causing money market handlers to lose control.
Warren Buffett, wanting to slow this speeding market down, has said, “Let’s have a five-year plan!” to get control back in the money market. Uh-oh. That didn’t work so well for the Soviet Union.
Where did people get the idea they could control their own affairs? It started way back there when Eve chose to take a bite out of the apple.