February 1, 2024

My father, Bishop Austin Lewis, a Jamaican native, who grew up in abject poverty, stands as a testament to the profound impact of free market capitalism on individual destinies. My dad was a pastor-preacher on Sundays and weeknights and held a daily job at Hartford Hospital as a wallpaper hanger and painter. Born and raised in an era marked by economic challenges in Clarendon, Jamaica from the 1930s to the 1950s, Rev. Lewis’s surroundings painted a grim picture of limited possibilities and scarce resources. During this period, Jamaica’s economy struggled to gain traction, and its welfare system proved insufficient in inspiring innovation or offering sustainable opportunities. Rev. Lewis experienced firsthand the stifling effects of these circumstances, prompting him to seek a brighter future in a land where the principles of free market capitalism flourished. Arriving in Connecticut in the early 1950s with nothing more than an empty suitcase and an unwavering drive for success, Rev. Lewis encountered the harsh reality of working in the tobacco fields for meager wages, earning less than fifty cents per hour. However, these demanding laborious hours would become transformative as he recognized the latent power embedded within a system that celebrated individual initiative and rewarded hard work. Tirelessly toiling in the tobacco fields, Rev. Lewis witnessed the stark contrast between the economic landscapes of Jamaica and the United States. This stark juxtaposition fueled his resolve to seize upon the unprecedented opportunities unleashed by free market capitalism. Every hard-earned dollar became a steppingstone to carve his own path to success, as he diligently saved and invested, embracing the belief that he, too, could shape his destiny in a land where limitless possibilities abounded. By leveraging his hard-earned savings, Rev. Lewis began purchasing real estate, particularly apartment buildings, with small amounts of money down. With a keen eye for opportunities and a deep understanding of market dynamics, he strategically invested in properties that showed promise for growth and rental income potential. Lewis’s dedication to his properties and commitment to excellence became evident in the manner in which he managed them. Through meticulous attention to tenant needs, property maintenance, and effective marketing strategies, he was able to attract reliable and long-term tenants, ensuring a steady stream of rental income. As the value of his real estate portfolio increased over time, Rev. Lewis recognized the opportunity to further leverage his assets. He employed financial strategies such as refinancing and reinvesting the proceeds into additional properties, thereby expanding his wealth and creating a virtuous cycle of growth. Lewis’s success in real estate investment serves as a testament to his astute business acumen and entrepreneurial spirit. Through the power of wise financial decisions and leveraging the potential of the housing market, he was able to transcend his humble beginnings and build a considerable fortune. Lewis’s journey represents an inspirational triumph of free market capitalism over the limitations imposed by oppressive economic alternatives. It underscores the notion that even in the face of dire poverty and restricted resources, the principles of free market capitalism can open doors to individual and collective prosperity. It was the potential of this liberation that propelled Lewis’s determination to break free from an economic environment that hindered progress and stifled opportunity. The Wealth of Nations Let’s take a look at the father of free-market capitalism Adam Smith. Adam Smith’s ideas in “The Wealth of Nations” make a compelling case for free-market capitalism. He argues that when private enterprises control production and markets operate with minimal government interference, allowing supply and demand to naturally regulate the economy, both wealth and prosperity flourish. Imagine if America had truly embraced Smith’s principles—the country might have become an unmatched economic leader, setting a new standard for success. Instead our once free-market mindset has over time become attacked by critics who often confuse bad capitalism, controlled largely by the wealthy elite few, with free-market capitalism, which is available to all. Expanding on Adam Smith’s ideas, we can delve deeper into the concept of free-market capitalism and its potential benefits for society. A crucial aspect of Smith’s philosophy is the notion of the invisible hand, where the pursuit of self-interest in a competitive market leads to the best allocation of resources and overall economic prosperity. This invisible hand allows individuals to freely make choices in the market, fostering innovation, efficiency, and productivity. Furthermore, free-market capitalism encourages entrepreneurship and economic growth. By removing excessive regulations and barriers to entry, it creates an environment where individuals with ideas and ambition can start their own businesses, create jobs, and contribute to economic development. This entrepreneurial spirit is a driving force behind technological advancements, as companies compete to provide better products and services to meet consumers’ needs. This leads to a constant cycle of improvement and innovation, benefiting both producers and consumers. In addition to economic benefits, free-market capitalism also promotes personal freedoms and individual autonomy. The ability to freely engage in economic transactions without undue government interference empowers individuals to make choices based on their own preferences and values. This fosters a culture of self-reliance, personal responsibility, and accountability. Moreover, the competitive nature of the market can ensure that resources are allocated fairly, based on merit and efficiency rather than arbitrary criteria. While critics argue that capitalism can lead to exploitation and inequality, it is crucial to highlight that these negative outcomes are not inherent to free-market capitalism itself but rather the result of external factors such as corruption and government favoritism. When there are extensive regulations and government intervention, it often creates opportunities for rent-seeking behavior and crony capitalism. However, in a true free-market system, where competition is encouraged and monopolistic practices are prevented, exploitation and wealth concentration are less likely to occur. To ensure the success of free-market capitalism, it is essential to have strong institutions that promote fair competition, enforce property rights, and protect consumer interests. Government has a role in creating a level playing field and regulating markets to prevent anti-competitive behavior and fraudulent practices. Simultaneously, it should refrain from excessive