The economic miracle that has been the United States was not produced by socialized enterprises, by government-union-industry cartels or by centralized economic planning. It was produced by private enterprises in a profit-and-loss system. And losses were at least as important in weeding out failures as profits in fostering successes. Let government succor failures, and we shall be headed for stagnation and decline.

Summary

This quote highlights the belief that the economic success of the United States was achieved through a system of private enterprises operating under a profit-and-loss framework. It argues against the notion of relying on socialized enterprises, government-union-industry collaborations, or centralized economic planning. The quote emphasizes the important role of failures in the system, as they help weed out unsuccessful ventures and allow successful ones to thrive. It warns against the consequences of providing government support to failing enterprises, suggesting that such a path may lead to stagnation and decline rather than continued progress.

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