Uncreative Destruction
Written by Brian Garst, Posted in Economics & the Economy, Free Markets
Scott Sperling, co-president of private equity firm THL partners, writes in todays Wall Street Journal that “Obama’s Auto Plan Is Capitalism at Work.”
Mr. Sperling is ignorant of the ideology of which he speaks. Capitalism’s creative destruction, which he cites to support his argument, is a process of spontaneous order, not central planning. Letting Chrysler and GM go bankrupt without government meddling would have been an example of this process, not what Barack Obama is doing. For while the President’s policies are destructive, they are anything but creative.
I serve as Vice President of the Center for Freedom and Prosperity, a non-profit think tank dedicated to preserving tax competition and free markets. This site features my personal views, which are not reflective of CF&P.