Word: capitalisme
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After his expulsion from the Soviet Union in 1974 and a stopover in Switzerland, Alexander Solzhenitsyn has packed his bags once again. Believing himself to be in danger from Soviet agents in Zurich, the Nobel prizewinner has apparently decided to settle near Cavendish, Vt. Though the author has kept mum...
However, as the era of capitalism dawned two centuries ago, the profit motive found an able defender. In The Wealth of Nations, Adam Smith argued that profits are the legitimate return for risk and effort and that the "Invisible Hand" of market forces would convert private greed into public benefits...
It is time for a more sober analysis of profits and their importance as the engine of economic growth. It is a historic irony that in the U.S., the stronghold of world capitalism, so few citizens understand that profits provide the basis for the prosperity on which rests the well...
He supports capitalism, but with an "historical perspective." He lauds free markets as "remarkable instruments for economic guidance for entrepreneurs and businessmen."
However, he is wary of privilege. He said last week, "I'm in favor of allowing the greatest amount of competition possible, and that means the elimination of privilege, special exemptions, and subsidies...to say I'm in favor of competition, business and capitalism doesn't mean I'm in...