Allen H. Meltzer writes: The enthusiastic response of college students to Senator Bernie Sanders’ “democratic socialism” is one of the most surprising and dispiriting events of the current presidential campaign. Apparently students have not learned that, historically, all socialist systems—democratic and authoritarian alike—failed to satisfy public demands and were abandoned after much suffering. Capitalism is the only economic system that offers freedom, opportunity, and increased living standards to the greatest numbers of people.

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