"In my mind, the core set of institutions and policies of capitalism are the protection of property rights and the freedom to trade, not whether the government transfers 10% versus 20% of GDP from one group to another. After all, the thesis in the founding document of economics, Adam Smith’s The Wealth of Nations, was the importance of free trade, not the relative size of government."
"A project I work on professionally, the Economic Freedom of the World index, published by the Fraser Institute in Vancouver, rates 162 countries in terms of their adherence to free markets. In the most recent report, it ranked faux “socialist” Northern European countries like Denmark (16th), Finland (22nd), Norway (25th), and Sweden (43rd). These countries aren’t socialist. They are free market economies with large welfare states."