The following is a transcript of Discovery Sr. Fellow Scott S. Powell’s lecture last week at Florida Atlantic University, Boca Raton.
There have been many civilizations that have come into being over the last 6,000 years—from the ancient Mesopotamians, Egyptians, and Asian civilizations that sprang up around the Euphrates, Tigress, Nile, Indus and Yellow River valleys, to the more recent and advanced Greek and Roman civilizations, which have more directly shaped Western civilization. While each of these civilizations made their own contributions to progress during the times in which they flourished, none of them unleashed the kind of economic development and entrepreneurial productivity witnessed in the first two hundred years of the American civilization.
As a starting point, it is worth considering the basics. The tools brought by the first colonists that arrived in the new world and settled in Jamestown, Virginia in 1607, and then in Plymouth, Massachusetts in 1620, were primitive. They were the same basic rudimentary tools of sustenance—such as shovels, axes, hoes and ploughs—that previous civilizations had also used.
But something happened in America that sped up progress beyond what had ever happened previously in human history. What I would like to do is identify some of the key human characteristics and arrangements that helped the American economy take off and create a revolution of upward mobility and prosperity — one that became a model that has benefited other countries around the world who adopted similar ways. Next, we’ll consider some of the main reasons why and how this extraordinarily beneficial system has come under criticism and why it continues to be on the defensive despite its success. Then, we’ll look briefly at the competing alternative—socialism—with particular attention to understanding whether it is a viable alternative. We will open it up for discussion and perhaps wrap it up by my touching on some of the things that could be done to restore some balance and appreciation of the system and institutions which have provided so much material well-being. Read More ›