Posted BY: Paul Krause

Everyone senses that the American economy under Joe Biden is in a rut. Inflation is at a 40-year high. Energy prices are skyrocketing. The prices of all goods and services going up. Meanwhile, the administration does little to alleviate these regular everyday problems. This is by design.

Since the Industrial Revolution there have been two approaches to economics. One, sometimes called laissez-faire, is really a decentralized form of economic organization and productivity in which individuals, civil society, and private organizations have broad freedom to act as they see fit. There is little centralized oversight, limited bureaucracy, an emphasis on entrepreneurial risk and reward. The economic activity from this decentralized approach benefits all and empowers individuals and civil society.

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The other, which goes by many names, is a centralized system of top-down controls where a single leader or the organs of the federal state make most — if not all — of the decisions. Moreover, all independent or private organizations, insofar that they might still exist, operate under the subjugated dictates of the central authority either corporate, government, or an alliance of both. The economic activity from this centralized approach benefits the planners, bureaucracy, and established corporate powers.

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