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Friday Five: Corporate Welfare, Free Markets, and Taxing Medalists

On Fridays, we bring you the best of our blog and the best of the web. This week’s roundup includes a post on the track record of capitalism, a great video on free markets and cronyism, and more! 1. The Best Broken System: Chris Horst writes on the track record of free enterprise across the globe. Though capitalism has its flaws, Horst writes, “extreme global poverty has been cut in half over the past 25 years and opportunities for the poor to progress have grown exponentially.”
In spite of its flaws, many of which are heinous, the increasingly connected global marketplace is undeniably the best broken system—and its positive impact on the lives of the poor far exceed any system we have seen in our world’s history. The problem with many of the sweeping condemnations of capitalism is that they castigate capitalism based on its villains rather than by its record.
2. Is Capitalism “Pro-Business?”: In this LearnLiberty video, Professor Steve Horwitz discusses why free-market advocates don’t support corporate welfare, bailouts and government favors.

3. Christianity, the West, and the Rest: What are the pillars holding up Western civilization? Hugh Whelchel of the Institute for Faith, Work & Economics writes on Niall Ferguson’s recent book and six attributes of Western progress. 4. The RJ Moeller Show: Rob Long and Adam Freedman: This week RJ talks with Rob Long of Ricochet and author Adam J. Freedman.

5: For the Love of Country: Why We Should Tax Olympic Medalists: Alexis Hamilton writes on Olympians and national service, and makes the case for taxing medalists.

The move to exempt American Olympians from taxes provides evidence of the erosion of national service, which should embrace the concept of men and women who serve the interests of America without special rewards or preferential exemptions. Despite the outstanding nature of their gifts and their sacrifices for the honor of this country, these individuals should be treated equally, like every other citizen, before our laws. Their service—though it doesn’t earn the right to preferential treatment—is recognized and praised, which is its own reward.