Tag Archives: Laissez-Faire Economics

Why Does Capitalism Still Need Defending?

Abraham Lincoln was not an economist but would have been quite at home with the free-market school: "There is not, of necessity, any such thing as the free hired laborer being fixed to that condition for life. ...The prudent, penniless beginner in the world labors for wages awhile, saves a surplus with which to buy tools or land for himself; then labors on his own account for another while, and at length hires another new beginner to help him. This is ... the just, and generous, and prosperous system, which opens the way for all -- gives hope to all, and ... improvement of condition to all. If any continue through life in the condition of the hired laborer, it is not the fault of the system, but because of either a dependent nature which prefers it, or improvidence, folly, or singular misfortune."...

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