Laboratories of Socialism
By Arnold Kling
Local and state governments are likewise changing the nature of American capitalism. Almost half the states manage venture capital efforts, taking partial ownership in new businesses. Calpers, California’s public pension authority, helps finance local development projects; in Alaska, state oil revenues provide each resident with dividends from public investment strategies as a matter of right; in Alabama, public pension investing has long focused on state economic development.
He has many other examples, which excite him and depress me. Actually, I do not mind if some communities choose to be laboratories for socialism, as long as there are other communities that become laboratories for capitalism.