The only safe and solid answer is the mechanism of a free market operating in an environment of really free private enterprise and free competition. Here everyone has a chance to cast his vote in the election which will decide what is a fair price, fair wage, and profit, and what should be produced and in what quantities. To contradict the justice of that decision is to contradict the whole concept of justice by the democratic process. All will agree that the democratic processes and the free market- both parts of our American way of life—are not perfect, but they are believed to have fewer faults and to do a better job than any other known device. A sure way to take a shortcut to serfdom is to discard the sovereign rights of all the people in either the political or economic realm.
We must remember that government assistance and control are essentially political provisions and that experience has demonstrated that, for that reason, they are not sufficiently stable to warrant their utilization as a foundation for sound economic growth under a free enterprise system. The best way—the American way—is still maximum freedom for the individual guaranteed by a wise government which establishes and enforces the rules of the game.
History records that eventually a people gets the form of government it deserves. Good government, which guarantees the maximum of freedom, liberty, and development to the individual, must be based upon sound principles, and we must ever remember that ideas and principles are either sound or unsound in spite of those who hold them.
Freedom of achievement has achieved and will continue to produce the maximum of benefits in terms of human welfare. Our way of life is based upon eternal principles. It rests upon a deep spiritual foundation which was established by inspired instruments of an all-wise Providence.
Excerpt from Ezra Taft Benson talk found in The Improvement Era, 1948, Volume 51:362. Ezra Taft Benson (1899–1994) served as thirteenth President of The Church of Jesus Christ of Latter-day Saints, and as Secretary of Agriculture for both terms of Dwight D. Eisenhower’s presidency.