Capitalism Question

George Will has a great article at NRO on capitalism.  He puts the choice that Americans face this way:

In the accelerated churning of today’s capitalism, changing tastes and expanding choices destroy some jobs and create others, with net gains in price and quality. But disruption is never restful, and America now faces a decision unique in its history: Is it tired — tired of the turmoil of creative destruction? If so, it had better be ready to do without creativity. And ready to stop being what it has always been: restless.

You should read the whole thing but in case you don’t, we want to reinforce what he did say and note what he doesn’t say.  George has some nice examples of the changes that capitalism has wrought in the grocery business.  Capitalism leads to net gains with constant disruptions.  We would like to discuss two things that George does not mention in the article.

First, what is the alternative to capitalism?  A good analogy is earthquakes.  With capitalism you get small quakes all the time as the market reacts to new conditions.  Over time you get the results that George notices where, in just over a century, the A&P goes from zero to a 75 percent share of the grocery business to bankrupt.  The alternative is to try and forestall the little earthquakes.  The pressure still builds up and we get epic economic events like the former USSR, eastern Europe, and Venezuela to name a few.  Economic change is coming.  The question is how do you want it?

Second, George makes no comment but capitalism and open borders are not connected.  Folks try to connect the two because the Venn Diagram of the two groups of supporters has a substantial overlap but they are unrelated things.  We support the former but not the latter.

 

 

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