The divisions in this election are deep and widening across the country. When I called this “an age of rage” years ago, I noted that the rage historically tends to burn off in time. We are clearly still at the flow rather than the ebb stage as rage politics continues. However, the most worrisome elements of this period are fundamental changes being demanded to our constitutional and economic systems. A new poll by The Economist/YouGov is consistent with other polls showing rising support among Democrats for socialism. More Democrats (38%) prefer socialism to capitalism (25%). Other polls show 60% had a favorable view of socialism and only 32% had favorable views of capitalism.
Capitalism is still favored by 79% of Republicans in comparison to only 5% favoring socialism. The poll of independents showed 44% favored capitalism, with only 21% favoring socialism.
As I wrote in Rage and the Republic, the success of this Republic was a mix of Enlightenment and free-market principles. It was the combination of economic and political liberty that produced the most successful republic in history. This is the 250th anniversary not just of our Revolution but of the release of Adam Smith’s Wealth of Nations.
The founders knew that true individual liberty could not be achieved without economic freedom. Smith’s idea of the “invisible hand” offered an idea of individual economic freedom where the individual tastes and choices of citizens drove whole economies.
As I write in Rage and the Republic:
“While he never visited the United States, his theories seemed quintessentially American to many of his generation. For a revolution that was triggered by tariffs and fueled by events like the Boston Tea Party, Smith’s general principles read like an economic version of Common Sense. It was a type of declaration of independence not just from the British policy of mercantilism (emphasizing British exports over imports) but from economic controls over individual productivity and self-determination….
In summary, Smith was first and foremost viewed as a political theorist, and his economic theories were closely tied to his views on the natural liberties of humanity. He saw capitalism as a liberating system that gave individuals the wealth and resources to pursue their chosen paths. Conversely, he saw government controls and subsidies as forms of control and potentially forms of suppression of the human will. If people are to be truly free, they must have the resources to pursue that freedom. The government dole can become a type of servitude or at least a subterfuge for citizens. If they are dependent on the government, they are never truly free.”
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