At its core, capitalism is about freedom: the freedom of people to buy and to sell, to negotiate a price for the value of their work, and to reap the rewards of that work. Alternatives to capitalism would deny that freedom: an overbearing government that confiscates honestly-earned property from some to distribute it to others, or uses subsidies and/or regulations to reward favored businesses while pushing others out of existence.
For decades, left-wing journalists have belittled the notion that a free market works best, blaming capitalism for a host ills both here and abroad. “I think that capitalism is inherently amoral,” then-ABC News correspondent John Hockenberry professed in 1995.
When the old communist dictatorships collapsed in Eastern Europe, left-leaning reporters trumpeted the “misery” brought about by the introduction of freedom. “The transition from communism to…
