I'm glad we learned our lesson, or at least I hope, regarding the U.S. government's foolhardy throwing of the wrench into the machinery of the market back in the 70s, when OPEC didn't know its head from its rear end, ultimately causing a global mess and long lines at the gas pumps.
China, and apparently much of Europe has not. From the comments at Coyote Blog:
...most germans are not even ignorant to economic mechanisms, but they also get taught in public schools that those mechanisms don't work or don't apply.I think that's the attitude of an increasing number of young Americans when they begin to form stronger political opinions. That is, until they experience real life without dependence on government or their parents, or until they take Economics 101. It should be a required course for every student in high school.
Also, there are no economics courses in high school, the best I had was "Gemeinschaftskunde", means something like social and social class education. In these classes the imperative of the superiority of Keynesianism against free market (deemed American Style economics) is still common sense. It is taught that prices can be regulated and set though the actor in setting prices changes between a depression (government) and a haute (entrepreneur).
It's unsettling to see that ignorance is bliss and given that Gymnasium (high school plus first two years of college) is the highest form of non-University education in Germany, this is even tragic.
Perhaps education might be partly responsible for the high turnout of socialist economic policy not only in the government, but also in the mind of the people.