Free markets

Election aftermaths are always an opportunity for taking stock. Since the 2022 midterms, we’ve heard prominent Republicans stressing the need to revisit questions ranging from electoral strategy to how to engage the culture wars. What desperately needs discussion on the American right, however, is conservatism’s approach to economic policy. Since 2015, American conservatives have been deeply divided over economics. Conservative skepticism about markets predates Donald Trump, but there’s little question that Trump shattered the favorable views of free markets that had prevailed since Ronald Reagan’s presidency.

After serving in World War Two and many years working in the dental supply business (sans a high school diploma), my grandfather made a decision as a husband and father of five young children: he went into business for himself. It takes guts to start your own enterprise, especially when it means leaving the relative safety and security of steady employment. My grandfather worked long hours. He recruited his children to help with all manner of odd jobs, such as cleaning the warehouse. With no retirement package to speak of, he might have worked into old age, except for a clever merger with another small business aimed at attracting the attention of a UK-based company that in time bought him out. I suppose you could say the global capitalist system worked for my grandfather…sort of.