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Steve Forbes talks simply about capitalism at North Central College


Above / Wentz Concert Hall is located at 171 E. Chicago Ave., on the campus of North Central College, just steps from 40 eateries in downtown Naperville.

UPDATE, Jan. 31, 2017 / Steve Forbes addresses full house in the Wentz Concert Hall.

Steve Forbes

The North Central College Republican organization hosted Steve Forbes, chairman and editor-in-chief of Forbes Media, on Jan. 31 to address the students and the community on the topic of capitalism.

Throughout a speech that touched on healthcare, policy errors, the high cost of college and an out-of- control tax code, Forbes used examples from Adam Smith, Henry Ford and Dilbert along with images of people so smart their “IQs boil water” to illustrate the humanity, creativity and success of capitalism.

Forbes said capitalism can be used interchangeably with “free enterprise,” where prices, distribution of goods, and products are determined by a “free market.”

With light-hearted detail and his left arm in a sling (He said he slipped off a curb in New York and broke his shoulder.), Forbes did his best to unravel the stereotypes and fears sometimes associated with freedom that comes from less regulation and lower taxes.

“You won’t succeed, you won’t get money, unless you provide a product or service that somebody else wants,” he said, citing the works of Adam Smith (1723-1790).

Forbes provided examples of how capitalism encourages competition, voluntary transactions, trust and cooperation between buyers and sellers, and innovation by teaming up with skill sets.

Forbes admonished America’s health care system with its current problems that include lack of control for patients, lack of price transparency at hospitals, and the fact that individuals are not allowed to buy health care policies from other states.

He suggested America’s tax code be replaced by a flat tax.

And he added that big profits are not an excess but a mechanism that makes “creative destruction” and experimentation within marketplaces possible. “Constant change in a vibrant economy” and entrepreneurs are essential, he said.

“When free markets are allowed to operate, they always—without exception—turn scarcity into abundance,” Forbes said.

“What’s the difference between us today and people of the stone ages?” Forbes asked. “We have more knowledge,” he answered. “Knowledge is not destroyed.”

Editor’s Note / During his presentation, Steve Forbes mentioned “I, Pencil,” an essay written in 1958 by economist Leonard E. Read, as suggested reading. For a number of years, PN has reposted the essay on this website to raise awareness for National Pencil Day on March 30.

Steve Forbes

Original Post / North Central College will host businessman and writer Steve Forbes during a public presentation beginning at 7:30PM Tues.,  Jan. 31.

The College’s Republican organization is hosting Forbes to address the students and the community on the topic of capitalism.  The well-known American businessman is editor-in-chief of Forbes Media, and he appears regularly on business and economics news programs on television.

The address will be held in Wentz Concert Hall at the Fine Arts Center, 171 E. Chicago Ave.

The event is free and open to the public, but a ticket is required. Call 630-637-SHOW (7469) or visit the College’s box office during business hours and until 6PM Jan. 31.

A limited number of tickets is still available, according the the Box Office when contacted at 1:30PM Jan. 31, 2017.

Tickets are not available online.

Young America’s Foundation (YAF) is a sponsor of the event. YAF introduces young people to conservative ideas through conferences, speakers, campus lectures and initiatives.

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PN Editor
PN Editor
An editor is someone who prepares content for publishing. It entered English, the American Language, via French. Its modern sense for newspapers has been around since about 1800.


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