In 1962 Ayn Rand wrote a paper Titled, "Let Us Alone!" Stop me if anything I cite from this sounds familiar, or pertinent to today's economic situation....
Since economic growth is today's great problem, and our present Administration is promising to "stimulate"it- to achieve general prosperity by ever widening government controls, while spreading unproduced wealth- I wonder how many people know the origin of the term laissez-faire?
She goes on to tell of seventeenth century France and the reign of Louis XlV, and how his economic policies had the entire country in ruins. Ole Louis was one of the first statists. He believed that government regulation and controls could create national prosperity, and that higher tax revenues could be obtained only by the increase of economic growth; so he devoted himself to, " a general increase in wealth by the encouragement of industry." The encouragement consisted of countless government controls choking business activity, the result was a dismal failure. I believe President Obama calls this "investing in America's future."
Colbert, chief advisor of Louis XlV, who was no more an enemy of business than our present Administration, asked a group of manufacturers what he could do for industry? A manufacturer named Legendre answered: "Laisses-nous faire!" (leave us alone)