Americans today celebrate Thanksgiving day. Elliott Wave's Marketwatch tell us the reason why...
"The history books have it right in describing the Pilgrim's first harvest in 1620 as meager, followed by a miserable winter. It's also true that help from nearby Native Americans made for a better harvest in 1621, which led the Pilgrims to celebrate the Thanksgiving feast we all learned about as children.
"Yet here's the little-known part of the story: The harvest in 1622 was another failure, to the point that the remaining Pilgrims faced starvation. Why? Because during their first three years, these Pilgrims practiced "farming in common." The farmland belonged to the colony, and so did the food; portions were rationed out.
"So in the spring of 1623 the Pilgrims decided to take a calculated risk. They allocated individual plots of land for ownership among the families and members of the colony. In turn, each of the new owners was responsible for their property and for what it reaped.
"I'm sure you can guess the outcome of private ownership and individual incentives. The harvest in 1623 was plentiful -- and that was the year when the Pilgrims chose to set aside an annual day of thanksgiving to God. In a few short years, the colony produced abundance beyond its needs, and it was equipped to begin trading the surplus. They considered this turn in their fortunes to be miraculous; with the benefit of hindsight, what they had discovered was the miraculous benefits of private ownership and free markets."
Amen.
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