Ian

“There is no guarantee that a socialized economy will always succeed. The state-owned economies of Eastern Europe and the former Soviet Union suffered ultimately fatal distortions in their development because of the backlog of poverty and want in the societies they inherited; years of capitalist encirclement, embargo, invasion, devastating wars, and costly arms buildup; poor incentive systems, and a lack of administrative initiative and technological innovation; and a repressive political rule that allowed little critical feedback while fostering stagnation and elitism. Despite all that, the former communist states did transform impoverished countries into relatively advanced societies. Whatever their mistakes and political crimes, they achieved—in countries that were never as rich as ours—what U.S. free-market capitalism cannot and has no intention of accomplishing: adequate food, housing, and clothing for all; economic security in old age; free medical care; free education at all levels; and a guaranteed income. Today by overwhelming majorities, people in Russia and other parts of Eastern Europe say that life was better under communism than under the present freemarket system.”
― Michael Parenti, Contrary Notions: The Michael Parenti Reader