There was something fitting about the fact that Fidel Castro died, well near enough, on “Black Friday” the day on which some of the worst features of capitalism are on display. But for all its faults and there are many, the excesses of black Friday also exemplify the achievements of the market system. There is nothing like private enterprise for creating wealth. Those like Castro who favoured the socialist alternative were just plain wrong. They were wrong as Ludwig Von Mises explained, because in lacking a price system socialism is inherently chaotic. And they were also mistaken because as Hayek showed in “The Road to Serfdom,” socialism will always ultimately erode human freedom.
Castro was thus utterly deluded. If those who study his career learn this then his life will not have been completely wasted.
May he rest in peace, and may also the Cuban people soon find prosperity and freedom in ways which he would have deplored, but which we on this web site will continue to celebrate despite the excesses of Black Friday.