Free enterprise nation: Innovation gets capitalism working in the US again

Capitalism in the US benefits from established bankruptcy law, relatively low taxes, and the protection of intellectual property.

The founder of modern capitalism, Adam Smith, published The Wealth of Nations in 1776, the same year 13 colonies declared their independence from Great Britain. It remains the most referenced guide to prosperity because of its moral force: Smith said the freest markets are led by an invisible hand benefiting everyone, not just the individuals and companies motivated by their own profit.

So where is capitalism succeeding in a world roiled by kleptocrats, simmering trade wars, and the xenophobia that inspired Brexit? That would be the US.

American free enterprise is achieving the greatest growth in the developed world, posting annual gross