Dear Mr Editor,

While studying classical economic history at university we learnt about the economic and social attributes of the four great government economic experiments of our age: capitalism, communism, fascism and socialism.

Bermuda is struggling for its own model, however, we presently have a form of socialist plutocracy both in the OBA and the PLP.

We need to evolve our own model for the future. Not on socialism or capitalism but on a minimalist government system of justice, empowerment, and individual freedom.

Capitalism implements private ownership of property, no government regulation or interference in business, trade or prices, except to restrain monopoly. Political parties and elections are open as representational democracy with no restrictions. Redistribution of wealth is through the market system.

Communist government owns everything: all property, means of production, distribution, and sets prices for everything. The one party elected state through the communist party dictates all aspects of society, including the justice and social system. The citizens belong to the state and are the property of the state. Redistribution of wealth is “from each according to his ability to each according to his need”.

Socialism allows mixed ownership and social control but government owns utilities or companies deemed critical for state interest. It also controls policy and prices based on state interests.

Politically, the socialists promote progressive multi-party democracy with welfare entitlements. The citizens are considered subservient to the state and obligated to the state. Private property and activity is controlled by regulations. Redistribution of wealth is from progressive taxes, fees and fines.

Fascism, militarised into Nazism, was based on corporations controlling material means of production and pricing subject to the state. Private property and mega corporations were allowed. The state government evolved from the National Socialist Party into a single dictator making all decisions for the people individually and collectively through the Nazi party. Redistribution of wealth was done through the corporate oligarchy.

The above may be a simplification of government systems but the issues in Bermuda are the same. We need to address a new economic order and must consider these past governmental structures. Do we believe and want the primacy of private and intellectual property rights protected and preserved by the state?

Do we want Bermudians to be free of excessive state control and violation of individual freedom for emancipated people?

A fundamental issue is income and economic equality, and how Bermudians wish to personally deal with redistribution of their wealth or be forced by government to redistribute their wealth by law.

What kind of “ism” do we want or do not want in Bermuda?

Michael Markham