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The government’s role in an economy should be to create an environment in which people feel as though they will be rewarded for, and reap the benefits of, their innovation, by doing things like protecting property rights, enforcing contract rights and ensuring that taxes aren’t prohibitively high. These factors help to spark the entrepreneurial spirit in people because they know that their efforts, if successful, will be rewarded. In societies were these basic rights aren’t protected, there is little spirit.
Contributing editor of City Journal and Manhattan Institute senior fellow, Steven Malanga
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