Free markets made America great ft. Burt Folsom | #TruthStraightUp

Why did the United States become the most economically prosperous nation in the world?

Answer: capitalism and free enterprise.

It was American entrepreneurs who were responsible for the successes of the railroad, the light bulb, the typewriter, the automobile, and the telephone. These inventions lit the world on fire and produced economic prosperity across the globe.

That’s not to say socialism wasn’t tried. The federal government attempted to run the telegraph industry, and, predictably, it failed abysmally. After the private sector took over the telegraph industry, it became successful and profitable.

America rejected socialism and the failures it produced. Instead, America embraced capitalism, and it has led us to prosperity!

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Transcript:

Why did the United States become the most prosperous nation in the world? We did it because we practiced capitalism and free enterprise.

We had entrepreneurs and trusted them. We avoided socialism.

We tried socialism, actually, with the telegraph industry in the 1840s. We had the government run the telegraph industry. The government failed abysmally and went broke doing it. We privatized the telegraph. Ezra Cornell started Western Union. We made it very profitable.

We can look at the railroads, which were run by entrepreneurs. Thomas Edison invented the light bulb. We invented the typewriter. Henry Ford invented the automobile. We have the telephone invented by Alexander Graham Bell. These American inventions spread throughout the world and created prosperity.

America practiced capitalism, and it worked. We avoided socialism, and we did not fail.

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