One of the sad outcomes of our current economic mess is that more and more people seem ready to blame capitalism and discredit free markets.
Judy Shelton offers a brilliant essay today at the Wall Street Journal that lays out her vision of a "Capitalist Manifesto." Her take? Let's create public policy that supports the real capitalists who have to prove themselves in truly free markets every day -- the entrepreneurs. From her opinion piece:
When the owner of a small retail outlet or medium-sized service firm gets into financial trouble -- who steps in to help? Why are the rules to start a business so onerous, why is the bureaucratic process so lengthy, why are the requirements for hiring employees so burdensome? When does the entrepreneur receive the respect and cooperation he deserves for making a genuine contribution to the productive capacity of the economy? Equal access to credit is sacrificed to the overwhelming appetite of big business -- especially when government skews the terms in favor of its friends. It is time to pay deference to the real economic heroes of capitalism: the self-made entrepreneurs who have the courage to start a business from scratch, the fidelity to pay their taxes, and the dedication to provide real goods and services to their fellow man.
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