Kerby Anderson
One of this country’s greatest success stories is its economy. It is one of the reasons so many people around the world want to come to this country and become Americans. But our nation’s economy is at a crossroads. This is the reason Samuel Gregg wrote his book, The Next American Economy.
He was on my radio program recently to talk about the current state of America’s economy and the threats it faces from three ideologies: protectionism, industrial policy, and stakeholder capitalism. He then provides a foundation and important guidelines for building an economy that will thrive in the 21st century.
Protectionism may seem like a solution to economic threats from other nations. At best, raising trade barriers might appear to be effective in the short run but will lead to greater problems in the long run. It also leads to cronyism and political gamesmanship.
Industrial policy is the attempt to have government guide and direct business and industry. But nobody knows enough about the future to craft an effective policy. And the problem of crony capitalism surfaces here as well.
Stakeholder capitalism is the latest economic fad, which he describes as business against the market. As we have discussed in previous commentaries, bringing wokeism into boardrooms has been a disaster.
He reminds us that America is a creative nation and has provided a foundation for entrepreneurs and inventors. America is also a competitive nation but has been damaged by unnecessary government regulation. America is also a trading nation that produces goods and services consumed by people around the world.
He calls for us to return to the idea of a commercial republic that provides political freedom and economic freedom which rest on values and virtues derived from sources like the Jewish and Christian faiths. This is the prescription this country needs.
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Penna Dexter