“One final word. Your questions tacitly assume that capitalism is the system we are now in fact living under. We are not. We are living under what the late Ludwig von Mises called “sabotaged” capitalism.  We are living under a network of government interventions that discourage or prevent capitalism from doing its work. With the “progressive” income tax, the government expropriates a crucial part of precisely the funds that would otherwise be invested in increased production and employment. By imposing minimum wage laws, encouraging coercive unionism, and subsidizing unemployment, government has brought about excessive American wage rates in many lines—making our automobile and steel industries at the moment unable to compete against foreign imports, and bringing about chronic unemployment. Having done this, the politicians denounce our domestic manufacturers for no longer being “competitive,” “aggressive,” or “innovative,” and propose still more interventions to force them to be so. Thus anticapitalism begets still more anticapitalism.” Henry Hazlitt Responds to 10 Common Objections to Capitalism | Mises Wire

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One final word. Your questions tacitly assume that capitalism is the system we are now in fact living under. We are not. We are living under what the late Ludwig von Mises called “sabotaged” capitalism. We are living under a network of government interventions that discourage or prevent capitalism from doing its work. With the “progressive” income tax, the government expropriates a crucial part of precisely the funds that would otherwise be invested in increased production and employment. By imposing minimum wage laws, encouraging coercive unionism, and subsidizing unemployment, government has brought about excessive American wage rates in many lines—making our automobile and steel industries at the moment unable to compete against foreign imports, and bringing about chronic unemployment. Having done this, the politicians denounce our domestic manufacturers for no longer being “competitive,” “aggressive,” or “innovative,” and propose still more interventions to force them to be so. Thus anticapitalism begets still more anticapitalism.

Source: Henry Hazlitt Responds to 10 Common Objections to Capitalism | Mises Wire

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