December 10, 2004
The 'Reagan Earthquake'
Economist Brian Westbury writes in today's Wall Street Journal that "after the Reagan earthquake first rocked our economy, the aftershocks are still a very real and continuing phenomenon."
Every tax cut, every regulatory stranglehold broken, every economic shackle unlocked, and every despot or totalitarian regime toppled increases freedom, creativity and entrepreneurship. And in the ultracompetitive world that has sprung from the ashes, "old line" hegemony and subjugation lose their strength ...
... The result of these changes is a New World Order -- one in which competition comes from everywhere. A growing number of people have "skin in the game" and a "personal stake" in public policy. This has created an American population, as we saw in the election, that values greater individual freedom and supports government actions that bolster economic growth and wealth creation, not wealth redistribution.
Not surprisingly there are ruthless Armand Hammer-wannabes (i.e. greedy leftist control-freaks) -- such as that kook George Soros -- who vigorously oppose economic freedom, competition and wealth creation for anyone but themselves. But, thanks to the Reagan aftershocks, these enemies of freedom are losing. Writes Westbury, "in an era of global deregulation, international financiers have a more difficult time profiting from personal relationships and intimate knowledge of government actions. Absolute returns tend to equalize among investors in a truly free market."
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