No one is smarter than Mr. Market
It's interesting to observe how many Bitcoiners have encountered communism at some point in their lives and witnessed the damage it can cause to communities.
As someone from South Korea who has served on the front line, witnessing the situation of North Koreans has made me reflect on the impact of communism on their lives.
The term "communism" implies a system "for the community," but in reality, it often translates to "for the community...but *leaders only." This concentration of power undermines the true spirit of communal well-being.
Why does this happen? Because the market, with its superior force in managing supply and demand, surpasses any individual, including the dear leader.
In short, no one is smarter than Mr. Market. Consistently.
Unfortunately, the elites frequently confuse their theoretical training with the practical implications of their actions. This confusion contributes to the emergence of extreme versions of communism.
Ultimately, ordinary individuals are primarily concerned with being well-fed and leading decent lives, regardless of whether it's capitalism or communism.
Communism often fails due to the concentration of power, which neglects the needs of the community. On the other hand, market forces in capitalism enable efficient resource allocation and individual choice. While both systems have their shortcomings, the power of markets and personal incentives prevails in providing a better life for everyone.
It is important to note that even figures like Stalin took care of their well-being, highlighting the inherent self-centered nature of individuals. Therefore, it becomes crucial for individuals to prioritize taking care of themselves.
P.S. Highly recommend reading Russ Robert's "How Adam Smith Can Change Your Life".