[Alvaro Vargas Llosa is a Senior Fellow and director of The Center on Global Prosperity at the Independent Institute. He is the author of Liberty for Latin America.]

Che Guevara fans are preparing to commemorate one more anniversary of the revolutionary’s death, which took place thirty-eight years ago at the Yuro ravine in Bolivia. It’s an appropriate time to address ten myths that keep Guevara’s cult alive. The last time I visited the Museum of Modern Art in New York, an American student wearing a Che Guevara T-Shirt and a beret caught my eye (the fact that Nicole Kidman happened to walk in at that very moment may have had something to do with my noticing him). I asked him politely what exactly he admired so much about that man. Here are the ten reasons he mentioned—and my response.

1.HE WAS AGAINST CAPITALISM. In fact, Guevara was for state capitalism. He opposed the wage labor system of “appropriating surplus value” (in Marxist jargon) only when it came to private corporations. But he turned the “appropriation of the workers’ surplus value” into a state system. One example of this is the forced labor camps he supported, starting with Guanahacabibes in 1961.

2. HE MADE CUBA INDEPENDENT. In fact, he engineered the colonization of Cuba by a foreign power. He was instrumental in turning Cuba into a temporary beachhead of Soviet nuclear power (he sealed the deal in Yalta). As the person responsible for the “industrialization” of Cuba he failed to end the country’s dependency on sugar.

3. HE STOOD FOR SOCIAL JUSTICE. In fact, he helped ruin the economy by diverting resources to industries that ended up in failure and reduced the sugar harvest, Cuba’s mainstay, by half in two years. Rationing started under his stewardship of the island’s economy.

4. HE STOOD UP TO MOSCOW. In fact, he obeyed Moscow until Moscow decided to ask for something in return for its massive transfers of money to Havana. In 1965 he criticized the Kremlin because it had adopted what he termed the “law of value”. He then turned to China on the eve of the Cultural Revolution, one of the horror stories of the twentieth century. He simply switched allegiances within the totalitarian camp.

5. HE CONNECTED WITH THE PEASANTS. In fact, he died precisely because he never connected with them. “The peasant masses don’t help us at all,” he wrote in his Bolivian diary before he was captured—an apt way to describe his journey through the Bolivian countryside trying to stir up a revolution that could not even enlist the help of Bolivian Communists (who were realistic enough to note that peasants did not want revolution in 1967; they had already had one in 1952)....