LESSON 4 · Capitalism, Socialism & the In-Between
Context Decides Everything
The same economic policy that succeeds spectacularly in one country can fail miserably in another. Privatization boosted efficiency in Britain but created corrupt oligarchs in Russia.

Trade liberalization lifted millions from poverty in East Asia but devastated manufacturing communities in the American Midwest. Context — history, institutions, culture, geography, and political stability — determines whether a given policy helps or hurts the people it is meant to serve.