'If This Is Socialism, What Would Capitalism Look Like?'

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David Frum, a speechwriter for President George W. Bush, writes a State of the Union draft for Obama. This is very good stuff:

We can see the future of a better economy already emerging. Over the past twelve months, we have created more than one million net new jobs in the private sector -- while government employment has shrunk by more than 250,000. Corporate profitability has reached record highs, meaning that companies can afford to hire as demand revives. Including dividends, the stock market has gained more than 10 percent this year.

If this is "socialism," what would capitalism look like?

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Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

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