As we come together this Thanksgiving, it’s important to remember the abundance we have.
Leftovers are almost a given.
But it wasn’t always like this.
In the past, Thanksgiving feasts were rare. Hunger and even starvation were common.
Today, we have access to a variety of foods from all over the world in our supermarkets. And most of it is more affordable than ever before. Even with an 8 percent inflation rate under President Joe Biden, Americans spend less than 12 percent of their income on food, which is half of what they spent a century ago.
Why is this possible?
Because of free markets. Because of capitalism.
When there is rule of law and respect for private property, farmers innovate to produce more on less land. Entrepreneurs find ways to lower costs and improve efficiency. Consumers benefit from a wide range of choices.
Yet, there are many who criticize capitalism and call for government intervention to ensure equality in distribution of resources.
But it’s in countries with heavy government control where food scarcity and hunger are prevalent.
In socialist Venezuela, affordable food is scarce.
In Cuba, the government’s attempts at providing for all led to widespread suffering, forcing them to allow private ownership of land to prevent starvation.
Millions around the world still go hungry, not due to natural disasters or income inequality, but because of government interference. Corruption, tariffs, and regulations hinder the flow of food to those in need.
This Thanksgiving, we remember the Pilgrims who learned this lesson the hard way.
Initially, they tried communal living where the harvest was shared equally. But it failed. Only when they were given private property rights did they thrive.
Bradford’s realization that private property and capitalism lead to prosperity is a lesson we should not forget.
Socialism may sound appealing with its idea of a collective society, but history has shown that it leads to disaster.
Collectivist systems promote dependency, suppress initiative, and waste resources.
Individual ownership and incentives are crucial for success. Capitalism is what drives American abundance.
Every Thanksgiving, we should be thankful for free markets and private property, the foundations of our prosperity.
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