The best defense of the American capitalist system is grounded in history. Go back to 1946 and invest one dollar in the Dow Jones Industrial Average, and, with dividends reinvested, that dollar climbed to $2,682.59 at the end of May of this year. Recall all the anti-capitalist moralizing after the collapse of the dot-com “bubble.” If you sold your Amazon and Apple stock back then, when Nobel laureate Robert Shiller was comparing markets to horror movies, then surely you regret it. But even without special insights, that same $1 invested in the Dow on January 1, 1999, before the crash, …
This article appears as “The Virtue of Competition” in the July 1, 2021, print edition of National Review.
Something to Consider
If you enjoyed this article, we have a proposition for you: Join NRPLUS. Members get all of our content (including the magazine), no paywalls or content meters, an advertising-minimal experience, and unique access to our writers and editors (through conference calls, social media groups, and more). And importantly, NRPLUS members help keep NR going.