An old joke runs, ‘In theory there is no difference between theory and practice. In practice there is.’ Nowhere is the gulf between theory and practice more clear than in socialized medical systems around the world.
Why is this the case?
Under capitalism, individuals are free to produce and trade with others—or not—according to their best judgment for their mutual benefit. To thrive, producers must therefore constantly compete to produce goods and services that others find valuable, resulting in a virtuous cycle of competition, innovation, and prosperity.
Government-controlled systems, on the other hand:
In contrast, socialized medicine fails because socialism strangles the freedom, innovation, and prosperity required for modern medicine. Socialism chains men to one another—thus dragging all down together.
Yep. To read the rest of Dr. Hsieh’s column, go here.
One of the single-payer systems prominently mentioned in Hsieh’s column is that of Canada, and I just remembered a survey in which two-thirds of Canadians indicated that their system needs serious repair or a complete overhaul. The survey also found that most Canadian doctors and nurses agreed.