Show The Historic Role of Markets n By DR GEORGE S S. S BENSON The American success story can be characterized as the triumph of oC expanding markets In a climate of 01 freedom That iv b what has happened In Amer lea ica And it can keep on happening hap hap- pening Till FULL story was told in a thorough and scholarly address ad- ad address dress by Dr Ernest L L. Wilkinson Wil WH kinson recently president of Brigham Young University and presently a candidate for Cor US U.S. Senator in Utah The ad ad- address dress was given at Freedom Forum recently and it t struck the keynote for tor the study of oC Markets in Americas Amen Ameri cas ca's Future during the three three- day seminar Beginning with wit hAd Adam a m Smiths Smith's Wealth of oC Nations that other declaration of oC 1778 1776 an economic one and comIng coming com com- ing on down to the present Dr Wilkinson outlined the Impressive im Im- growth and development develop develop- went ment of oC the American economy econ econ- con omy That big story in Adam Smiths Smith's words is character lied by the extent ot of the labor being determined by the extent extent ex tent of 01 the market THIS TRUTH Dr Wilkinson pointed out is by now almost as evident sell as the truth that politically all men were created equal and endowed with the unalienable rights of life liberty and pursuit ot of hap hap- Dr Wilkinson said Our past eloquently testifies of the crucial importance of expand expand- ing markets Our present provides provides pro pro- vides evidence of oC the fruits of expanding markets Our lu fu ture as well as that of perhaps per haps the entire free world hinges m in no small degree upon up up- on how successful we are i in n encouraging the expansion o of f tomorrows tomorrow's markets That is why he believes we must be as diligent in protecting the forces identified with expand expand- expandIng ing markets as we are in securing so- so curing curin the rights that are considered con con- unalienable by th the e Declaration of Independence Hoth sets of oC rights he said are arc but two sides economic and political of 01 the same coin AS GROWTH and changes expanded our internal and ex cx- trade the entrepreneur came forth along with accelerating crating capital formation Ou Our r and Fords have been free Cree to use their geni genius us and serve the new market requirements re re- combining men management and capital Willingness to adopt ne new w ideas and to experiment was amply rewarded This expansion slon sion he explained explain d h a s placed great emphasis on in In Individualism and per s son o n a 1 1 achievement has inculcated a belief in progress and expansion sion and has encouraged a spirit of functionalism that has led to a reduction in the co cos cosof t of getting things done A WILLINGNESS to take tak e risks is the distinguishing dUo dit Terence that Dr W i ilk 1 k i ins n s o 0 n sees in our American Way an anthe and d the traditional society Little e wonder that the societies whose markets are the same sam e today as they were yesterday whose institutions assure that tha t society's work would be done each day very much as w was done in the past whose mores mOles activity whose stagnant markets mar mar- spawn little opportunity for capital formation provide decade alter after decade and century cen cen- tury after century only a bare existence for the mass of oC their populations He is draw some remarkable remarkable re- re contrasts lie Ill lists among them Egypt Greece Turkey and the Phil Phil- in which the value of all goods produced in each does not come up to the billion of 01 General General Motors sales last year In fact the GM fig fig- figure ure Ule is larger than the 1960 GNP of oC many highly developed nations Including u m Denmark or Sweden DANGER from Crom Russia Not it iC we recapture the spirit of oC adventure and free enterprise and keep on the charted course rather than degener degener- ate ale into socialism The average aver aver- age Russian farmer larmer he reminded reminded re- re minded us produces only enough to teed feed six persons compared with the American farmers farmer's 27 persons With this comparison we should remember the year 1963 1863 as the year when the tree Cree farmers of oC America rejected an authoritarian tat tal scheme for lor the control of oC I Ithe the production of oC a t whereas Soviet Russia came cameto to America AmElica pleading for or wheat exports to feed its population he said IF WE are successful in our task of oC preserving these rights we will ill blunt both the economic and political challenge chal chal- lenge of oC communism We will provide our burgeoning laU ns with a rising standard of oC living and we will fy to those struggling nations now seeking to provide their people with a hope for a bet to ter tomorrow a system which both can secure economic af af- I as well as the dignity and blessing of oC freedom |