No, Capitalism Did Not Make America the Richest Country

America is the largest economy on the planet, but what made America so rich? Was it only capitalism and hard work?

America has built a mythology arounds its economic success as being built on hard work, rugged individualism and free wheeling capitalism.

This story is intended to challenge that myth. My goal is not to suggest that entrepreneurial spirit, free markets and hard work did not play a significant role. Rather I want to highlight all the other factors which are usually left out this self-promoting tale.

Let me try to clarify some of motivations for doing this. There has long been a debate about what kind of social and economic model leads to more prosperity for its citizens and the world. You have venerable old weekly magazines such as the Economist, published since 1843, which clearly state that they are champions of economic liberalism.

Their articles are well written and argued. I say this to clarify that it is possible to respect the journalistic integrity of writers you fundamentally disagree with. I disagree because I am a social democrat, who champion the Nordic social and economic model, yet I think the Economist represents quality journalism.