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    The American Millennial Attraction to Socialism:
    The American Millennial Attraction to Socialism:
    The American Millennial Attraction to Socialism:
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    The American Millennial Attraction to Socialism:

    By Laurie Thomas Vass

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    About this ebook

    The American Millennial Attraction to Socialism: Comparing the Economies of Chinese Communism, Crony Corporate Capitalism, European Crony Socialism, and the American Free Enterprise Innovation Economy
    Millennials are attracted to socialism because they believe that the socialist economic systems are more fair than their concept of American capitalism, which is the crony corporate capitalist version of capitalism.
    Our book extends the analysis of the Annual Report on US Attitudes Toward Socialism to explain why so many young Americans are attracted to socialism.
    We present the four major economic models in the world in order to help millennials better understand their possible choices about the best economic system, judged from their own perspective of fairness and social justice.
    We explain that innovation economics is the most fair system, and that if millennials understood how the free enterprise entrepreneurial economy worked, that they would switch their allegiance from socialism to innovation economics.

    LanguageEnglish
    PublisherGabby Press
    Release dateMay 11, 2021
    ISBN9781513660851
    The American Millennial Attraction to Socialism:
    Author

    Laurie Thomas Vass

    GABBY Press is the publishing company of The Citizens Liberty Party News Network. The Gabby website is owned by Laurie Thomas Vass, the General Partner, and author of books at Gabby Press and of articles at CLPnewsnetwork.com. She is a regional economist and a constitutional economist. Her political ideology is natural rights conservative. She is a graduate of the University of North Carolina at Chapel Hill, with an undergraduate degree in Political Science and a Masters degree in Regional Planning. She was a solo practitioner registered investment advisor for 30 years. She was cited by Peter Tanous, in The Wealth Equation, as one of the top 100 private money managers in the nation. She is the inventor and holder of a research method patent on selecting technology stocks for investment. Method of Identifying A Universe of Stocks for Inclusion Into An Investment Portfolio United States Patent 7,251,627 Vass July 31, 2007 The method explained in her patent is based upon her theory of how technology evolves. She is the author of 12 books and over 130 scholarly articles on the Social Science Research Network author platform, and is currently ranked in the top 1.1% of over 580,000 economic authors, worldwide, on the SSRN platform. In addition to her interest in economics, she also has an interest in North Carolina history and public policy issues. Many of her articles and books about North Carolina are archived in the Carolina Collection at Wilson Library at UNC. She has an interest in the topic of entrepreneurship. One of her early economic research papers, written for the North Carolina Department of Labor, included the policy guidelines for creating what eventually became The North Carolina Council For Entrepreneurial Development. Prior to starting her investment advisory company, she was a regional economist and advisor to the Board of Directors of  B.C. Hydro, and also served as an economic advisor to the N. C. Commissioner of Labor. She learned the retail stock trade as a broker, at E. F. Hutton.

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      Book preview

      The American Millennial Attraction to Socialism: - Laurie Thomas Vass

      The American Millennial Attraction to Socialism:

      Comparing the Economies of Chinese Communism, Crony Corporate Capitalism, European Crony Socialism, and the American Free Enterprise Entrepreneurial Economy.

      Laurie Thomas Vass

      Gabby Press Logo Mar 2017.jpg

      Copyright © 2020 The Great American Business & Economics Press. GABBYpress

      First edition. All rights reserved under Title 17, U.S. Code, International and Pan-American copyright Conventions.

      No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, scanning, recording or duplication by any information storage or retrieval system without prior written permission from the author(s) and publisher(s), except for the inclusion of brief quotations with attribution in a review or report. Requests for reproductions or related information should be addressed to the author c/o Great American Business & Economics Press, 620 Kingfisher Lane SW, Sunset Beach, N. C. 28468.

      Printed in the United States of America

      May 2020

      ISBN 978-1-5136-6085-1

      9781513660851 ISBN and Barcode.jpg

      The American Millennial Attraction to Socialism

      Table of Contents

      Introduction. The American Millennial Attraction to Socialism. 4

      Chapter 1. The Chinese Communist Crony Economy. 8.

      Chapter 2. The Crony Corporate Capitalist Economy. 28.

      Chapter 3. The European Crony Socialist Economy.

      65.

      Chapter 4. The American Free Enterprise Entrepreneurial Economy. 82.

      Chapter 5. Envisioning A New American Knowledge Creation Innovation Economy. 101.

      Chapter 6. Buchanan’s Fair Constitutional Rules as the Foundation of the Entrepreneurial Economy. 114.

      Introduction. The American Millennial Attraction to Socialism.

      Our book extends the analysis of the Annual Report on US Attitudes Toward Socialism to explain why so many young Americans are attracted to socialism.

      We describe a much more fair and just economic system than socialism for the millennials to support.

      Our book compares the four major economic models in the world in order to help millennials better understand their possible choices about the best economic system, judged from their own perspective of fairness and social justice.

      Our book addresses the topics of:

      The American Millennial Attraction to Socialism.

      The Chinese Communist Crony Economy.

      The Crony Corporate Capitalist Economy.

      The European Crony Socialist Economy.

      The American Free Enterprise Entrepreneurial Economy.

      Envisioning A New American Knowledge Creation Innovation Economy.

      Buchanan’s Fair Constitutional Rules as the Foundation of the Entrepreneurial Economy.

      We argue that Chinese communism, European socialism, and American crony capitalism, are all variants of crony capitalism that attempt to use government to distribute financial benefits to politically connected agents.

      The key common characteristic of the three crony collectivist economies is profit exploitation by the elites over the production value produced by the non-elites.

      Cronyism exploitation replaces the Marxist concept of capitalist exploitation of the workers with crony exploitation of non-elites.

      The set of cronies who benefit from cronyism attempt to maximize a group collectivist concept, which is commonly described as a social welfare function.

      In their case, their selfish social welfare function acts as a substitute for individualist national welfare function.

      In the 3 collectivist economies, the entire society is seen as a synthetic entity, whose national welfare is measured by aggregate social indicators like GDP, fairness and income equality.

      The propaganda of the collectivist society is that the elites know better than common citizens what promotes social welfare, and must, therefore, have the unchecked political power to exploit the production value of the non-elites in order to obtain the tax revenue to achieve better social welfare outcomes in fairness and income equality.

      In contrast to group social welfare, we argue that only one economic system attempts to maximize individual welfare, which we call the American Free Enterprise Entrepreneurial Economy.

      In the individualist innovation economy, social welfare is judged by aggregating all individual welfare functions into a national social welfare function.

      Individuals are free to maximize their own welfare, and have property rights to enjoy the profits that they create through their own individual initiative.

      We argue that young Americans do not know the difference between group social welfare functions and individualist welfare functions, and do not know how to evaluate the fair outcomes between a collectivist economy and an individualist economy.

      In the collectivist societies, the concept of fairness is judged by political elites who determine fair outcomes, after income has been earned.

      In the individualist societies, fairness constitutes the ability of the individual to appropriate the income that they produce.

      Millennials are attracted to socialism because they believe that the socialist economic systems are more fair than their concept of American capitalism, which is the crony corporate capitalist version of capitalism.

      Most young people in America do not know the difference between Milton Friedman and Lord Keynes, and end up in the economic muddle of Milton Keynes, embracing a fairy tale socialism that is antithetical to their desired state of fairness and social justice.

      We explain that innovation economics is the most fair system, and that if millennials understood how the free enterprise entrepreneurial economy worked, that they would switch their allegiance from socialism to innovation economics.

      We conclude that the progress towards a fair American entrepreneurial economy can be improved by visualizing the entire economy as a knowledge creation enterprise, modeled upon the logic of a regional metro block chain, whose end goal is the commercialization of radical new technology, and the creation of new future markets.

      Chapter 1. The American Millennial Attraction to Socialism.

      In the recent Annual Report on US Attitudes Toward Socialism, (Victims of Communism Memorial Foundation, YouGov, 2019.),  communism is viewed favorably by 33% of American millennials, an increase in favorability of 8% from 2018.

      At least 70% of

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