This excerpt originally appeared in the National Review Online on May 31, 2012.

If I had one complaint it would be that the answers to the question “what is the economic system in America?,” capitalism and free-market economy, should be updated. When the government intervenes in virtually all spheres of economic activities, when no one in government seriously wants to shrink its size and scope, regulators are always looking for new rules to add to the federal register, and when a growing part of doing business is driven by special interests politics it is hard to answer this question with a straight face.