Why We Give Thanks: Free Markets Produce Prosperity

Contrary to legend, the Pilgrims’ Plymouth Colony suffered serious food shortages in its early years. The cause was what we would today call a socialist or a communist economy. Land was communally owned and cultivated, and everyone got equal shares of food and clothing, whether they worked hard or not at all. 

Plymouth was on the verge of collapse when it switched to a free-market system, with families owning the land. Within a short period of time the colony was running food surpluses.

The Jamestown Settlement in Virginia had had a similar experience several years before—socialism and shortages, followed by free markets and abundance.

The far-left wing of the Democratic Party ignores the lessons of Plymouth and Jamestown, not to mention the Soviet Union, Maoist China, Venezuela, North Korea and Cuba.

But the rest of us should be thankful for what the Pilgrims did!

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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.

Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,

Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.

Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.

Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.

Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).

Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.

In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.


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