Why Capitalism?" asks Allan H. Meltzer, star professor at Carnegie Mellon University, and he sensibly answers: because it works. Kristol regretted the absence of a capitalist moral compass. None, really, is to be had, Mr. Meltzer says. He quotes Immanuel Kant: "Out of timber so crooked as that from which man is made, nothing entirely straight can ever be carved."
Hard work and enterprise were godly virtues, but the virtuous man, by practicing them, could hardly help getting rich. Which is when the trouble started. "Religion begot prosperity," lamented Cotton Mather, "and the daughter devoured the mother."
As time went by, statism devoured prosperity. Today the American economy
sleepwalks. Ultralow interest rates starve the savers and finance the
speculators. Unanchored exchange rates fire up talk of "currency wars." Where
have we gone wrong, and what must we do to turn right? Allan H. Meltzer and Luigi Zingales, free-market economics professors, have some ideas.
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