The following is a portion of an article written by Richard Judd, National City Distinguished Professor Emeritus at the University of Illinois Springfield. It was published in a August 4, 2010, edition of The State Journal-Register.
"Historically, the American economy has been rooted in the underlying concepts set forth in the Constitution over 200 years ago.
Freedom of expression, ownership of private property and economic opportunity are the hallmarks of the American story.
In economic terms, America has been a system marked by open competition in a free market wherein the means of production and distribution are privately or corporately owned, with development proportionate to increasing accumulation and reinvestment of profits.
This free enterprise approach to our social and economic system has provided the highest standard of living ever known to mankind, the envy of the world’s nation-states."
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