Key Idea: Build Your Business As A Three-Legged StoolHattie distills the eight-hour interview she did with Michael Novak into less than two minutes. Here she reminds us that the American brand of capitalism is based upon private ownership of property and businesses, the rule of law, and the moral habits most of us learn in church or a synagogue. Homepage |
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Build a sturdy framework upon which you can depend. Q: What are the three legs? Think about itWhen Novak says as an owner of property or of a business, you are a sovereign, how does that make you feel? Does it make you want to stand up taller and work harder? Do you use your position as owner to teach and mentor? Clip from: Capitalism: Path to ProsperityWashington, DC: What are the essential foundations of life, liberty, freedom, and human rights? The USA as a working experiment is a good model to study. Here we can study the earliest documents and concepts and see how these also became the foundations for American capitalism. Within this structure, we can see how just about any family can get on a path to economic independence. Meet Michael Novak, a man whose life study is of the foundations of government systems that work. And here he discovered small business has the heart and spirit that sustains and nurtures democratic capitalism. Michael Novak strikes deep into the heart of public debate about what works and what doesn't work within economic systems, and he says that small business owners are demonstrators. They're on the front lines, risking and fighting the good fight every day. Small business owners take lofty principles and reduce them to nitty-gritty practice. Go to all the Key Ideas & Video... American Enterprise InstituteMichael Novak, Author
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Business Classification: Year Founded: 1947 Build Your Business As A Three-Legged StoolHATTIE: (In the Studio) We talk about our economic system so little. Michael Novak says that democratic capitalism can be thought of as a three legged stool. One leg is the rule of law. Democracy, the government, public servants. I like to think of them as referee's. they have on the black and white shirts and they're running up and down the field trying to make sure the bad guys are corrected or thrown out of the game. As a business owner, I feel that sometimes some are bureaucrats who are heavy handed, controlling, demanding and sometimes downright irritating. But we do need them. In his book, The Spirit of Democratic Capitalism, Novak says: (Voiceover) 'The new capitalism is not a matter of adventure or privacy but of continuous enterprise, planned and organized, evaluated for profit and loss.' Next, Michael Novak explains that there is a difference between greed and self-interest. Not a member yet? Learn! Be empowered! Join us! |
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