Whose Capitalism?


Mitt Romney doesn’t need to defend capitalism. He needs to defend his version of capitalism. This is the essence of Newt Gingrich’s challenge to Romney in recent days.

Newt has been slapped down, once again, by establishment Republicans who believe that Newt is “hurting the party” with his latest challenge to Romney. They’re saying that Romney will have a more difficult time beating Obama in the general election if his Republican opponents don’t quit what they’re doing.

The chief problem with this silly posturing is that Newt Gingrich, unlike the Republican establishment, simply does not accept their determination to nominate Mitt Romney. Why should Newt care whether establishment Republicans are coming unglued over his effort to put more pressure on their “favorite”? He aims to win the nomination, with or without their support. He wants to demonstrate that they’ve bet their money on the wrong horse.

Time will tell whether he succeeds.

But there is a deeper problem with the Republican backlash against Gingrich. And it has a couple of important components. Fundamentally, establishment Republicans are characterizing Newt’s challenge as an attack on capitalism, and they claim to resent this because Republican candidates for the presidency are supposed to fall in line with their version of capitalism. Their attack on Gingrich is simply disingenuous; they aren’t telling half the truth.

This is because Newt is at least as committed to capitalism as Mitt is. But Newt is suspicious of Mitt’s version of capitalism, according to which it’s fair for anyone to make a buck at anyone’s expense, by whatever means and with whatever effects, as long as it’s legal. An ethically sensitive—and morally sensible—capitalist should repudiate such an attitude.

Here’s the last line in Romney’s latest defensive campaign ad:

We expected the Obama administration to put free markets on trial, but as The Wall Street Journal said, “Mr. Romney’s GOP opponents . . . are embarrassing themselves” by taking the Obama line.

Wouldn’t you like to know who at The Wall Street Journal that said that, what kind of column it was, and whether this is the uniform attitude of everyone at the WSJ? And who cares what the WSJ says if they’re wrong? The WSJ should welcome a debate about the character and genius of capitalism and its several varieties. Newt Gingrich wants to have that debate, and he may get it at the next Republican presidential debate before the South Carolina primary.

It’s possible that Romney’s version of capitalism is as innocent as the wind-driven snow. But let him explain it without asserting that Newt is attacking the free market.

It’s also entirely possible that if Romney’s opponents among Republican candidates don’t quit what they’re doing, Romney won’t have to worry about facing Obama because Romney won’t be the Republican nominee. Of course, if that happens, there will be much weeping and gnashing of teeth among Republican party fixtures.

I would be as happy to see that as I would be to witness a Lincoln-Douglas debate between Newt Gingrich and President Obama.

Wall Street Journal Wisdom on Biden-Palin Debate


Jerry Seib, Executive Washington Editor at the WSJ, weighs in already with his “post-debate analysis” and comes to the following conclusion:

It was, in the end, what viewers might have expected from the man who is chairman of the Senate Foreign Relations Committee — much as what they got from Gov. Palin was what they were led to expect from her widely heralded speech to the Republican national convention just a few weeks ago. It was a fascinating byplay — but not necessarily one that changed many minds.

“Not necessarily one that changed many minds”? Apparently, Mr. Seib isn’t one to go out on a limb.

Does anyone else think we should expect more from a Wall Street Journal analyst?

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