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There'd Be No Thanksgiving Without the Profit Motive

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Thanksgiving Day is a particularly appropriate time to reflect on the meaning and value of profit. The settlers at Plymouth colony who started the holiday tradition nearly wiped themselves out early on when they set up a communal, socialistic economy. Each person was producing for everybody else and received an equal share of the total production. In the absence of a strong profit motive, the settlers starved until Gov. Bradford altered the arrangement. Thereafter, men and women produced for profit and the result was bountiful harvests with full Thanksgiving tables. The people who don't like profit prefer to extol the...

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