Economics: Capitalism, Version 2012

... the thing others have most admired and tried to emulate about American capitalism is precisely what we've been ignoring: America's success for over 200 years was largely due to its healthy, balanced public-private partnership — where government provided the institutions, rules, safety nets, education, research and infrastructure to empower the private sector to innovate, invest and take the risks that promote growth and jobs.

When the private sector overwhelms the public, you get the 2008 subprime crisis. When the public overwhelms the private, you get choking regulations. You need a balance, which is why we have to get past this cartoonish argument that the choice is either all government or all the market, argues Rothkopf.

For more, see Capitalism, Version 2012 by Thomas L. Friedman, March 13, 2012 at NYTimes.com.