Capitalism, as a wise man who understood human frailty once said, is a bad economic system. Its only virtue is that it is better than all the other systems. Nevertheless, it has fallen from favor in Washington among those who don’t understand human frailty. Class warfare, stimulus, redistribution of wealth and other centralized economic schemes have taken hold among timid economists and academics frightened by robust competition. They regard the markets as old-fashioned and “risky.”

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