A free market economy with private property as the central element, whatever its problems, is and remains the most effective economic mechanism yet devised to enhance man’s flourishing.  The greatest achievements in reducing poverty and misery have come from this free enterprise system called capitalism that encouraged individuals to think and create without fear.  The most accurate description of the capitalism I have in mind is best describe by the Austrian School of economics, whose key thought leaders were Ludwig von Mises, and Friedrich A. Hayek.  

This United States of America, still the richest country by many measures, led the way because it adopted this form of capitalism, thereby allowing more freedom for individuals to think, create, succeed or fail than any other country.  We promoted the free flow of ideas and encouraged a “creative destruction” that reallocated resources from the least productive endeavors to more productive ones.  As a result, our capital became the most productive of any other country.