Freedom means responsibility. It also means failure, accidents and mistakes. This, in turn, leads to learning, which is why successes outweigh the failures. However, humans must be free to understand the consequences of their actions. Without consequences, there is little learning.
When freedom prevails, the ingenuity and inventiveness of people creates incredible wealth. This is the source of the natural improvement of the human condition. Capitalism is created by free people. Socialism, on the other hand, is what happens when people trade their freedom for the perception of safety. And when people trade in their freedom, they trade it in for a less dynamic, less safe, life.
So there you have it: regulation = ignorance. Paging George Orwell.
FORBES.COM COMMENTARY NEWSLETTER JUNE 08, 2010
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