Free Markets Always Win

Following World War 2, many believed that the central planning that won the war was also a framework for economic prosperity.
The United Kingdom tried to apply it with coal and steel, while Japan focused on consumer products. The UK strategy was a failure almost from the start, and it took Margaret Thatcher's leadership in the 1980's to get back on the free market path.  Japan got lucky, and their growth in the 80's caused many to think that economic theory had been turned on its head. But when the music stopped, Japan's luck was exposed. They couldn't pivot.

Now many think China's communist approach has proven itself a path towards sustained growth, but they are missing the message of history.