The Role of Government in a Capitalist Economy

In a way, the political arguments that rage on in America are relatively trivial. There are serious situations to address—poverty, crime, drugs, and terrorism—but the vast majority of Americans largely agree on the basic economic principles.
Most Americans agree on the individual’s right to private property; the government’s right to issue currency, levy taxes, and borrow money; and the rights of businesses and consumers to enter agreements and to resolve their differences through legal channels. (Immigrants marvel at how easy it is to start a business in America.) Few people believe that laws regarding child labor, toxic waste, food and drug purity, and the financial markets should be repealed. ...

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