I was reading the November issue of Money Magazine today and happened on a page that reviewed the latest financial books. I was struck by the fact that we have thousands and thousands of books in this country that detail individual success stories. In fact, an Amazon search comes up with over 40,000 books about the subject of becoming a millionaire. Stories about people who took a chance and made millions or others who made a nice living, but consistently saved or invested so that they could retire wealthy. I enjoy these stories and I often watch Donnie Deutsch show The Big Idea on CNBC, especially when he intereviews people who had an idea for a product or developed a new way of doing things and became wealthy.
My thought is – and I really don’t know the answer – but do such stories exist in socialist countries? In the US, under capitalism, we can all list a hundred people off the top of our head who started out very poor or disadvantaged, but became extremely wealthy through hard work or great ideas. Edison, Walton, Gates, Buffet and many others.
Are stories such as this more or less common in countries where the central government controls most of the economy? I think I know the answer, but I wonder if someone out there has any real knowledge on the subject?