Buchanan’s Fair Constitutional Rules as the Foundation of the Entrepreneurial Economy

Abstract

This text is Chapter 6 of a new book titled, The American Millennial Attraction to Socialism: Comparing the Economies of Chinese Communism, Crony Corporate Capitalism, European Crony Socialism, and the American Free Enterprise Innovation Economy. Our book extends the analysis of the Annual Report on US Attitudes Toward Socialism to explain why so many young Americans are attracted to socialism. Our book presents the four major economic models in the world in order to help millennials better understand their possible choices about the best economic system, judged from their own perspective of fairness and social justice. In Chapter 6, we conclude with a description a much more fair and just economic system, based upon the logic of James Buchanan’s fair constitutional rules. Our other chapters are: • The American millennial attraction to socialism. • The Chinese Communist Crony Economy. • The Crony Corporate Capitalist Economy. • The European Crony Socialist Economy. • The American Free Enterprise Entrepreneurial Economy. • Envisioning A New American Knowledge Creation Innovation Economy. • Buchanan’s Fair Constitutional Rules as the Foundation of the Entrepreneurial Economy.