by Richard Ebeling, Daily Reckoning.com:
In the minds of many people around the world, including in the United States, the term “capitalism” carries the idea of unfairness, exploitation, undeserved privilege and power, and immoral profit making. What is often difficult to get people to understand is that this misplaced conception of “capitalism” has nothing to do with real free markets and economic liberty, and laissez-faire capitalism, rightly understood.
During the dark days of Nazi collectivism in Europe, the German economist, Wilhelm Ropke (1899-1966), used the haven of neutral Switzerland to write and lecture on the moral and economic principles of the free society.
“Collectivism,” he warned, “was the fundamental and moral danger of the West.” The triumph of collectivism meant, “nothing less than political and economic tyranny, regimentation, centralization of every department of life, the destruction of personality, totalitarianism and the rigid mechanization of human society.”
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