Summary
The ability to incur the front end, investment risk that is a necessary component of not only entrepreneurship, but capitalism in general, requires endurance, patience and a societal framework that is contingent with free market ideals. As revealed during the preceding interview, the state and the free market do not always align. Regulation, taxes, fees and nearly all state intervention into the market is a known and empirically proven loss, in profitability, happiness and wealth creation. Indeed, looking back over the twentieth century American economy, political and social structures, the state directed economy is a sum negative. Unrealistic discount rates, inflationary fiat currency and corruption thrive under a state directed economy, creating more than simple financial poverty. The lack of private property, private ownership, and the lack of resource availability directly stifles ambition, deflates confidence, leads to emotional instability and a general feeling of hopelessness. It is not a secret that most socialistic states require an agnostic or atheistic populace, as faith in God reaffirms the tenets of free market capitalism. Mr. Walker throughout this interview exposes what most entrepreneurs and business owners learn while operating a business, which is that government intervention into the market is the antithesis of free enterprise. Whether it is micromanaging markets through licensing, environmental agencies or government oversight agencies or excessive taxes and fees or compulsory shutdowns, this intervention skews the business cycle, wipes out profits and creates an equally dismal economic scenario for all involved. These factors explain the failures of The New Deal, The Great Society and the contemporary technocratic economy, that have done little more than consolidate power, impoverish the citizenry and destroy wealth generation. All of which shows the inverse of the proposed utopian ideals, that has instead created a fascistic system that some of the most notorious tyrants could have only dreamed of. If this path of a state directed economy continues in the United States, the logical and historical destination of authoritarianism, mass poverty and societal breakdown awaits. As Mr. Walker points out, the current and the former administrations reveal this dichotomy in full color and the choice of leadership and institutional reform may be the only recourse towards reviving the free market. I would only add that this begins with the base moral structure of the nation and reforming the education system is vital in teaching future generations the importance of free market capitalism.
