Kerry McDonald – October 16, 2020
The attack on capitalism in favor of socialism began well before COVID-19, but it has accelerated over the past half-year amidst the economic and social upheaval of pandemic-related lockdowns.
A quick Google news search of the word capitalism reveals a gush of recent attacks, including The New York Times’s headline that “Capitalism Is Broken” and CNN’s proclamation that “capitalism isn’t working anymore.” The World Economic Forum has called for a “Great Reset” of capitalism. Even the Pope bad-mouthed it last week.
These criticisms are not only misguided but potentially devastating. Hobbling capitalism, particularly at a time of economic decline driven by cascades of government orders, will ensure a much longer and more severe economic recovery, harming the least advantaged the most.
Free-market capitalism is the greatest generator of personal and economic freedom, prosperity, and progress the world has ever known.