Thursday, April 26, 2012

Capitalism’s role in the expansion of liberty and prosperity

Capitalism is continuing to play a major role in the global revival of liberty and prosperity around the world. Capitalism was the "camel's nose in the tent" under the "glasnost" policy in the former Soviet Union (USSR) that contributed greatly to the ultimate collapse of the Soviet regime.

Over the last couple of decades, it has been China's opening to limited capitalism that has led to increasing liberty, a rebirth of hope, and a rising standard of living among its billions of people.

Capitalism works because it nurtures the human spirit, inspires human creativity, and promotes a spirit of enterprise. By providing a powerful system of incentives that promote thrift, hard work, and efficiency, capitalism creates wealth—something that socialism has no mechanism to do.

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