Orrin Woodward LIFE Leadership Team

Winner of the 2011 Independent Association of Business Top Leader Award; Orrin Woodward shares his leadership secrets.

Free Enterprise vs Protectionism

Posted by Orrin Woodward on June 16, 2009

Free enterprise is a system that allows competitors to freely compete for the loyalty of consumers based upon meeting customer expectations.  Protectionism, in any of its various forms, limits competitors through regulations, tariffs, taxes, legal harassment etc.  Here is a hilarious advertisement that captures what happens when incompetent managers attempt to limit competition through legal harassment.  In free enterprise, if your competitor has a better product or service, your objective is to improve your products and methods in order to compete.  This improves society as a whole and is an example of Adam Smith’s “invisible hand” at work. Attempting to destroy your competitors is an overt admission that you cannot compete and are seeking protectionist principles.  There are so many great lessons taught in this priceless short video.  God Bless, Orrin Woodward

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