Letters

What We Have Now Isn’t Capitalism

Regarding Donald A. Baer’s “The West’s Bruised Confidence in Capitalism”: Where exactly is the capitalism?

Oct. 7, 2014 1:45 p.m. ET

Regarding Donald A. Baer’s “The West’s Bruised Confidence in Capitalism” (op-ed, Sept. 22): Where exactly is the capitalism?

In the six years since the financial crisis, I can’t name one developed country that has seriously reformed its tax code, seriously cut business-impeding regulations, restructured its overgenerous welfare state or eliminated unattractive worker-protection laws that discourage hiring.

However, I can name several central bankers from developed countries who have supported the endless growth of government by buying government debt directly or printing money to keep the interest rate on the government debt low, or both—all to the benefit of governments while punishing their citizens. And here in the U.S., I can even name a few politicians who, instead of sitting down and undertaking the necessary task of reforming an uncompetitive U.S. tax code, prefer to publicly demonize corporations for doing what’s in the interests of their businesses.

So where, exactly, is the capitalism in the West?

No one should be surprised that 45% of respondents in developed countries say “corporations have too much influence over government.” Big government and crony capitalism go hand-in-hand.

Mr. Baer further opines that the challenge for business leaders “is to show how they use their positions of power to contribute to the common good.” On the contrary, the primary purpose of business leaders is to make profits. Out of profits, come jobs. Out of good jobs come happy citizens who can raise their families and undertake charitable activities of their choosing.

What’s sorely missing in the West is an understanding that what we have today isn’t capitalism.

Ellen Sandles

New York