“Capitalism is not only a better form of organizing human activity than any deliberate design, any attempt to organize it to satisfy particular preferences, to aim at what people regard as beautiful or pleasant order, but it is also the indispensable condition for just keeping that population alive which exists already in the world. I regard the preservation of what is known as the capitalist system, of the system of free markets and the private ownership of the means of production, as an essential condition of the very survival of mankind.”

Free enterprise doesn't exist anymore unless it's children with a lemonade stand. Incorporation by grant of government and private business permits and regulations that follow suffocate free enterprise.

Capitalism immediately places a responsibility on us all to pull our own weight. And a system of reward can not help but motivate. As opposed to a system of socialism and wealth transfer which removes motivation, innovation and responsibility. A system of thieves, which Obama is about inflict wholesale on the American people. I hope the 200 million people who didn't vote for the annointed one are busy cleaning the guns he wants to take away...

Well said Anon and Carlton.

With the current crowd running the government, it's goodbye capitalism, hello socialism. Kudos to Anon and J Carlton.

Interesting but a little bit or a lot over the top. Of course mankind has existed for 100's of thousands of years before what is know or defined now as capitalism ever existed. Capitalism is generally defined as the system that came out of and supplanted European feudalism. Obviously economic systems existed that supplied the needs and provided for beautiful cultures and societies before capitalism. I like your post Carlton.

Bet somebody that thinks like that would never get a Nobel Prize today!

True. I will agree that the definition of 'capitalism' is vague enough for right and left wingers alike to agree. But capitalism is not really practiced except in the black market. The bankers and politicians of the world endeavor always to corrupt the language to suit them. It cannot be called capitalism if the 'capital' is merely commercial paper issued by a banking monopoly. The evil 'capitalilsts' are actually anti-capitalists -- they are thieving banking establishment who have hijacked the monetary system -- they are 'the rich' that exploit 'the poor' and the middle classes. But the true capitalist is as Hayek is describing -- self-reliant, producing something of value (i.e. capital), trading in a free and open market determined only by the laws of supply and demand. If it weren't for such examples as the now defunct economic practices of the USSR, Americans might very well embrace the socialist policies being touted from the left today. But we see that Communist China only thrives because of its cheap slave labor that the 'capitalists' (sic) in America have become dependent upon. But this tendency will only put the power of capital into the hands of communists.