The problem with communism is the whole economy was run by the government. The whole economy was 100% government.
In Singapore, we had a leader for the last 50 years and he's done a great job and it other countries also we had great leaders. But the issue really is how much governments do you want ?
How much transfer payments do you want ?
In my view small government is the best, maximum 15 to 20 percent of GDP. But now in Western world we have more transfer payments and governments close to 50 percent of GDP and in some countries more than 50 percent of GDP. So you have socialism. I'm not suggesting that the capitalistic system is the best, but probably out of all the bad systems it is the best.
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
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