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EFTA01122724 | EFTA01122764 Page 41 of 41 Neither slavery nor pork-and-rat sausage exist anymore, however, because throughout the history of American capitalism, we've repeatedly modified business practices in an effort to upgrade outputs. Along with the Thirteenth Amendment and the Federal Meat Inspection Act of 1906, think of child labor laws, truth-inadvertising laws, environmental regulations. Thanks to these and other modifications, the world is a better place. But does anyone believe additional upgrades are no longer possible? A commitment to progress lies at the very heart of free enterprise. Colgate has been in business since 1807, and it still spends $TK a year on research and development in its effort to invent a toothpaste that will get our teeth a little whiter than its current products can. We're more than four decades into the commercial PC era, and because relentlessly innovative companies like Apple and Google believe we have yet to make computing as powerfully personal as it can be, we've got smartphones that talk to us and computers we wear on our face. But why limit this constant quest to perfect only products and services? We should continue to extend this attitude to capitalism itself. In fact, we must — at least as long as capitalism keeps facilitating mortgage meltdowns, environmental devastation, and other negative outputs that massively impact our collective wellbeing. Capitalism is in Permanent Beta. EFTA01122764
May 10, 2026 at 4:39 AM