Socialism is seductive in theory, but tends toward tyranny and serfdom in practice. Capitalism was not born with The Wealth of Nations, nor will it die with Das Kapital. It is as old as history and as new as a paper route for a small boy. Capitalism is a point of view and a way of life. Its principles apply whether or not they are understood, approved and cherished.
Capitalism is no relic of Colonial America.
It has the genius of freedom to change with the times and to meet the challenges of big industries, big unions, and big government if it can free itself from the restraints of interest-group intervention which eventuates in needless government expansion and spending. Let the market work, and the ambition of each individual will serve the common good of society. Capitalism is an economic system which believes with Locke and Jefferson that life, liberty, and property are among the inalienable rights of man. Capitalism denies the banal dichotomy between property values and human values. Property values are human values.