One of the most commonly heard complaints today—especially among young people—is that “capit...

One of the most commonly heard complaints today—especially among young people—is that “capitalism doesn’t work anymore.” News flash: Capitalism isn’t supposed to “work” for anyone. Capitalism is not a benevolent uncle who guarantees everyone a house, a new car, two vacations a year, and dining out a couple of times a week. It is not a government program or a promise of prosperity.

Not a single politician has made the point that capitalism is just a subcategory of freedom. Specifically, it is economic freedom. It means individuals are free to produce, buy, sell, invest, save, negotiate, succeed, and fail without asking permission from politicians. It does not guarantee that people will make intelligent choices, but it gives people the opportunity to make intelligent choices.

It’s up to the individual to take advantage of this opportunity—an opportunity that is not available to people in authoritarian countries, especially socialist or communist countries.

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