How the Myth of the 'Robber Barons' Began—and Why It Persists
Capitalism Worked, but We Were Told It Didn't
We study history to learn from it. If we can discover what worked and what didn’t work, we can use this knowledge wisely to create a better future. Studying the triumph of American industry, for example, is important because it is the story of how the United States became the world’s leading economic power. Free markets worked well; government intervention usually failed. The years when this happened, from 1865 to the early 1900s, saw the U.S. encourage entrepreneurs indirectly by limiting government. Slavery was abolished and so was the income tax. Federal spending was slashed and federal budgets had surpluses almost every year in the late 1800s. In other words, the federal government created more freedom and a stable marketplace in which entrepreneurs could operate.
“Victims” of capitalism?
by Dr. Jaana Woiceshyn
When the Canadian government recently announced its plan to build a monument to victims of communism, Elizabeth May, the Green Party leader (and the party’s sole MP) tweeted: “no mention of monument to victims of capitalism.” While the government should not build any monuments by spending our money without our consent, Ms. May’s tweet warrants comment. It reflects widespread ignorance of capitalism, and not just among politicians.