From the linked article:
The deeper virtue of Capitalism and the Historians transcends its fine trove of historical argument. The writers, unlike so many contemporary sages (and contemporary politicians), understand that capitalism is the greatest engine for the production of wealth that the ingenuity of man has ever devised.
And they understand, too, that the activity of capitalism cannot be divorced from the corrective of risk and the spur of competition. The possibility of failure, in other words, is inseparable from capitalism. As Louis Hacker points out, the failure rate of early telegraph, canal, railroad, mining, and automobile industries in the U.S. was “enormous". But it was only by providing an environment in which risk, ambition, and entrepreneurship could flourish that real progress could be made. The prerequisites are a government that guarantees a level playing field for economic activity and that refrains from interfering in the law-abiding entrepreneurial enterprises of individuals: “Sound monetary and credit policy as a public function; risk-taking as a private one—here in epitome is the history of capitalism.”
As Hayek put it in his introduction, “Much that has been blamed on the capitalist system is in fact due to remnants or revivals of pre-capitalist features: the monopolistic elements which were either the direct result of ill-conceived state action or the consequence of a failure to understand the smooth-working competitive order required an appropriate legal framework.”
…
In the nineteenth century, England was the crucible of this modern prosperity in part because of the freedom of economic activity that it, unlike the states of continental Europe, enjoyed. And that freedom, in turn—unlike the continent—was underwritten by the limited government England also enjoyed.
“The rapid growth of wealth” in England in the early nineteenth century, Hayek observes, “is probably in the first instance an almost accidental byproduct of the limitations which the revolution of the seventeenth century placed on the powers of government.” We’ve been working diligently in this country [the United States] to remove those limitations. How far will we have to sink before the people once again rise up and repudiate the elites who wish to fetter them in manacles forged by statist overreach?
Whatever else it portends, the Trump America-first counterrevolution limns a liberating alternative and a return to sanity.