(The Federalist) -- Last week, New York Rep. Alexandria Ocasio-Cortez (D–NY) joined Sen. Bernie Sanders (I–VT) in a call to nationalize a big chunk of America’s financial system. The proposal reached across generational and ideological boundaries. As has come to be typical of the AOC-Sanders faction, this proposal is an answer to a question no one was asking. It is a solution from a bygone time that is no longer needed in a modern economy.
Like most socialist ideas, AOC’s proposal is backward. However else you might criticize socialist ideas in years gone by—and there has always been plenty of things to criticize—they used to at least have the virtue of being innovative. Karl Marx and Vladimir Lenin wrote about doing things that had never been tried before.
Unfortunately, people eventually tried them. Socialists in the 21st century have an advantage their predecessors lacked: they can learn from the past and see which of these policies failed. They can adjust and try to do better.
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