Smith would relish the example of Musk putting his estimated $90 million fortune into his company after the 2008 crash.
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American free enterprise is achieving the greatest growth in the developed world, posting annual gross domestic product gains since 2009 .Within just eight years of the global financial crisis, the U.S. was the only nonemerging-market economy with record GDP.Since 2009 the U.S. unemployment rate has plunged to 3.7 percent, from 10 percent a sharper drop than in any developed economy in that period.To be sure, growth in the world's two most populous nations, China and India, is faster than in the U.S.In the U.S., the financial crisis generated unprecedented losses for American housing, a market considered impregnable since the end of World War II.Bezos, himself worth more than $100 billion, raised his company's minimum wage to $15 an hour for more than 250,000 U.S. workers and more than 100,000 holiday season employees.The essence of American capitalism is the ease of doing business.Since 1901, when the Nobel Prizes were first awarded, 67 percent of the universities affiliated with the winners have been based in the U.S. Since 2000, that share has climbed to 73 percent.And, as befits a true marketplace of ideas, many of the universities that helped educate America's most successful capitalists also house academics studying the problems in capitalism, and American society, as a whole.That remains at the core of American capitalism.
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