Interview w/ Arthur Brooks, President, American Enterprise Institute

This morning Arthur Brooks, President, American Enterprise Institute, was interviewed on CNBC's Squawk Box.  Mr. Brooks discussed how and why the American Enterprise Institute was founded in 1938.

It seems that when a nation gets a little extra wealth on its hands, there is a natural tendency to put in place or strengthen a social safety net.  There is a natural tendency to shift toward a European-style social democracy, in which the State has a great deal to say about how things are done.

We tend to think that the Free Enterprise system is self-correcting, but, in reality, if the free enterprise system is not defended, it will slip away and be replaced by social democracy.  Those who believe in free enterprise need to defend it, not just as the best way to make money, but as the system that imparts the greatest amount of well-being to its members.

Mr. Brooks discusses the two possible definitions of fairness.  Different people have different ideas about what fairness is.  Does fairness mean equality or does fairness mean meritocracy?  How we as a country answer that question will determine the direction of this nation.

To see a video of the interview, click the link below:

http://video.cnbc.com/gallery/?video=3000072477