Magazine May 20, 2019, Issue

The Free-Market Tradition

Shoppers ride escalators at the Beverly Center mall in Los Angeles, Calif., November 8, 2013. (David McNew/Retuers)
Capitalism draws on pre-liberal roots

We live in an era of collapsing confidence in institutions, and the market economy has been no exception. Polls show declining support for capitalism, especially among the young. And the market system is increasingly under attack not only from the left but from some smart social conservatives, populists, and nationalists on the right. To effectively defend democratic capitalism, its champions will need to understand the nature of these criticisms, to see where they have a point, and to think about how to make a case for markets that takes them seriously.

Not all the contemporary critics of capitalism are all

This article appears as “The Market Tradition” in the May 20, 2019, print edition of National Review.

Yuval Levin is the director of social, cultural, and constitutional studies at the American Enterprise Institute and the editor of National Affairs.

In This Issue

In Defense of Markets

Books, Arts & Manners

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The Week

The Week

Until Biden’s poll numbers come down, we advise the women of Iowa and New Hampshire to keep their distance.

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