Winston Churchill’s famous comment on democracy as
a political system applies equally to free enterprise
capitalism as an economic system. No other economic
form provides the incentives to economic innovation
and creativity, relates the desires of the consumer to
the efforts of the producer, encourages the voluntary
savings and investment necessary for economic growth
and so effectively motivates and channels the skills,
talents and energies of the public.
At its best, free enterprise capitalism can provide unparalleled well-being; at its worst, it can be a dog-eat-dog, winner-take-all system that leads to turmoil and social upheaval. America’s historic well-being and prosperity have reflected the effective working of this economic form. Today, yellow lights are flashing and capitalism is under question and even attack.
By Daniel Rose