This, I think is where the differences between economies are grossly understated. Certainly a government committed to allowing private ownership of capital is, all other things equal, more committed to establishing an economic infrastructure that favors creation over diversion. But this is only part of the story. These are the common set of characteristics that make an economy prosperous. One thing that has changed since the time of Adam Smith is money.
Economic exchange involves information and transaction costs that require real resources.
These costs, which influence the extent of trade, the degree of specialization, and the economic benefit derived from goods, stem primarily from the difficulty of acquiring information about the quality of the goods-their true worth as opposed to their money worth. The lower the information and transactions costs, the greater the opportunities for individuals to undertake exchanges that maximize mutual welfare. When we find ways to conserve productive resources that had been devoted to gathering information and conducting exchange, we liberate them and make them available for creating consumable output. In this way, sound money promotes prosperity. Of course, a nation must be concerned not only about the integrity of its money, but also about the stability and reliability of its financial system.