In the past few decades, a growing tide of regulations has increased the demand for oil while simultaneously restricting domestic supplies of oil, coal, nuclear power, and natural gas.
In the past four decades, we have seen a dramatic growth in the scope of government power in the United States: a drainage of power upward out of the states into the central government, and within that central government, away from the Congress into the hands of the executive.
Even before the first of our bicentennial observations began, it was altogether predictable that their emphasis should fall more upon the what than the why of events transpiring during and prior to our original War for Independence.
The future of the private enterprise system in the United States is going to be determined by the outcome of the current debate that is now heating up over government regulation and deregulation.
Political support for saving and building of wealth seems to offer little promise of popular acclaim or votes at elections.
I am convinced that Smith is not only relevant today but that his insight and wisdom, if applied to today's world, would yield only a freer but a more productive and equitable set of economic arrangements than if we applied a mixture of what was thought to be the best of contemporary thought.
I will only note that economic inequalities somehow still survive despite the incredible complexities that have been written into the law to reduce them.
One of the problems has been that government has also decided that the tax system can be used as a handy incentive to prod businessmen and individuals into doing supposedly desirable things.
Have these United States—or rather, the people of this country—lost the sense of what makes life worth living?
When competing services are available, people have a choice. Competition changes freedom from an empty battle cry into a vital part of everyday life.