When I speak of the future of capitalism, I mean the future of competitive capitalism—a free enterprise capitalism. In a certain sense, every major society is capitalist. Russia has a great deal of capital, but the capital is under the control of governmental officials who are supposedly acting as the agents of the state. That turns capitalism (state capitalism) into a wholly different system than a system under which capital is controlled by individuals in their private capacity as owners and operators of industry. What I want to speak about tonight is the future of private enterprise—of competitive capitalism.
The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system. Continue reading