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Nothing could be more destructive to the human experience than the death (more accurately, the assassination) of capitalism. He states that capitalism is now “the source of our decline and weakness.” This is dangerous and erroneous hyperbole. In fact, capitalism has given dignity to the individual and has created the surplus that fuels all other beneficial activities. This contribution continues. Understand, the question is not whether we want to help people or not. The question is: “What has been the best economic system in ensuring human growth?” The answer is overwhelmingly capitalism.
Capitalism can best be defined as “a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.” Unfortunately, pure laissez-faire capitalism has never existed. What has existed has only been mixed economies, which means a mixture of economic freedom and controls. Our government has increasingly taken decision-making powers away from business owners and investors. We can clearly recognize, however, that whenever politicians take precedence in the economics of business decision-making, the result is a less-productive economy and a lowered standard of living.
In our modern American economy, government regulators exert great influence over virtually all aspects of business decision-making. Klingman could more reasonably have suggested that government intervention has failed and we should be pushing toward a purer version of laissez-faire capitalism. That would make sense. Surely the millions of decisions made daily by all the citizens of our nation are a better method of determining resource allocation than the eccentric governmental decisions that you have witnessed over the past half year.