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In Defense of Capitalism
"Recovering the Case for Capitalism” by Yuval Levin, in National Affairs, Spring 2010.
The past two years have not been easy ones for capitalism. First, a crisis that seemed “almost designed to confirm the worst” about free enterprise shook the global economy. Then Washington’s efforts to prop up banks erased long-standing boundaries between the public and private sectors. By last summer, the federal government essentially owned the nation’s largest bank, insurance company, and automaker, and was creating winners and losers in massive business deals on a seemingly ad hoc basis. Capitalism is under attack, “not by socialist ideologues but by misguided technocrats,” the ruling class of experts who think they can outsmart the collective wisdom of the market, argues Yuval Levin, editor of National Affairs.
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