How Ivan Mikloš Reads It: Is America Threatened with the Kind of Inadequacy We Experienced Under Communism?

The author is a former Minister of Finance Perhaps the most striking external manifestation of the economic system of communist regimes was scarcity. It was caused by the predominance of demand over supply and was omnipresent. In some countries (such as Czechoslovakia) there was only relative scarcity (the stores were full, but the selection was limited and mostly of lower quality), in others the shelves in the stores were empty or half-empty. I…