Five Big Lies about American Business

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With the financial meltdown of 2008 having brought much of the American economy to its knees, it's not surprising many critics of capitalism in Washington and elsewhere immediately blamed the capitalist system.

These critics argue that this free market system based on profit is itself corrupt. Many Americans suspect big business is often led by corporate fat cats who only care about lining their own pockets with billions.

They also hold the belief that as the corporate rich get richer, it must logically follow that the poor get poorer. So talk of soaking the rich with sky-high taxes can only improve society and help the poor.

There's another theory that sometimes goes along with this: that government can correct the sins of capitalism because bureaucrats in government are more trustworthy than those who work for profit.

This theory suggests Americans should concentrate their allegiance on government and back the urges of Washington politicians and bureaucrats to micro-manage capitalism and steer it straight.

Others, though, like author Michael Medved in his new book The 5 Big Lies about American Business say all those theories are wrong and dangerous. Instead, he says that the more free the free market economy is, the more it will profit the entire country.

Michael Medved will appear on Thursday's The 700 Club to talk about why the free market system is better for America. Click play to watch the interview.

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Paul  Strand

Paul Strand

CBN News Washington Sr. Correspondent

As senior correspondent in CBN's Washington, D.C., bureau, Paul Strand has covered a variety of political and social issues, with an emphasis on defense, justice, and Congress.  Follow Paul on Twitter @PaulStrandCBN and "like" him at Facebook.com/PaulStrandCBN.