KENNEDY: In defense of capitalism

I am a capitalist. I believe in free markets, in what the economists describe as “transactions entered into freely between buyers and sellers both of whom have the necessary relevant information.” I also recognize that markets cannot function without “umpires” empowered to enforce rules of fair play and protect that level playing field to which we all pay lip service. The most significant challenge to genuine capitalism, I submit, lies in the ability of some competitors to bribe or otherwise influence the umpires.

 

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