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OAN Commentary by: Theodore R. Malloch
Thursday, September 25, 2025
The essence of American culture is commerce, embodied in free market capitalism. And the most important people were, are, and always will be—entrepreneurs. President Trump realizes this and convenes them regularly in the White House.
Studies show that about 27 million Americans have their own companies, about 16 per cent of the total population. Despite the difficulties involved in starting a new business, company owners are the basis of all economic growth.
They add value to the national income, create jobs, and provide innovative solutions for consumers and other businesses. According to a recent Small Business Profile. There are over 31 million small and medium sized businesses in America that employ over 60 million workers. As is said repeatedly, “The business of America is business.” That includes mom & pop stores, SMEs, as well as the large, listed and venture-backed companies, some now valued at more than four trillion dollars.
Perhaps the quintessential American and Founding Father was Benjamin Franklin, who invented so many things and ran numerous businesses. He typifies American ingenuity and the spirit of enterprise.
Thomas Jefferson had a nail factory and shrewdly made the Louisiana Purchase greatly increasing the size of the nation.
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Alexander Hamilton was a revolutionary soldier who went on to found the US Bank and the Mint.
Thomas Edison developed many devices in fields such as electric power generation, mass communication, sound recording, and motion pictures.
Nikola Tesla was an engineer who found AC and designed many new technologies.
George Westinghouse, the Pittsburg inventor of the railway airbrake, went on to start numerous industrial companies.
John Rockefeller was synonymous with the start of and development of the American oil industry.
Henry Ford was the genius behind the US automotive industry.
Walt Disney was a cartoonist and movie producer who commenced the entertainment industry.
Bill Gates created the software that allowed the computer era to take off and developed a dominating technology company.
Steve Jobs revolutionized seven industries and started Apple.
Jeff Bezos was a dominate factor in the internet business who reinvented how goods are bought and delivered.
Elon Musk has fashioned five industries stretching from space to electric cars, and from AI to brain implants.
Peter Thiel is the co-founder of PayPal, an online commerce company, and Palantir Technologies, a software company that deals with data analysis. He is also a venture capitalist and was one of the early investors of Facebook.
As you can see the list goes on and on — entrepreneurs have made, literally built America. They are the very reason for our Greatness, past and present.
History shows that starting with Christopher Columbus, so to speak, even the kind of people attracted to America were and remain, entrepreneurs, pioneers in spirit and risk taking. There were and are many gifted intellects who came to America, but really, no truly great philosophers; and a similar case can be made for the arts in general (our stars have mostly been refugees).
The only exception perhaps, is film (Hollywood) which is a product of the technologies that commenced the modern era and the creative impulse.
We have appropriated the entire world’s cuisines, but we have only originated fast food, a reflection of the work environment and demands of our hectic pace.
America has gone from poor and sick to rich and long-lived due to the technological project and prowess that is fueled by businesspersons on the one hand, and the free market on the other. In fact, you don’t have one without the other.
A commercial republic is a form of government that puts the emphasis on the importance of commerce and economic interests while maintaining republican principles, representation and civic virtue. Such a government as the American one balances the promotion of economic development with the common good.
Samuel Gregg, in his book on The New American Economy, reminds us that entrepreneurship is by no means exclusively American. But I would argue that this country has led the way in unleashing, encouraging and elevating entrepreneurship as the creative and virtuous pathway to the creation of new value for all.
President Trump says as a republic, we’ve established the institutional framework in which entrepreneurship can flourish, and entrepreneurs who are successful in creating value reap — and keep — the rewards.
The expansion of state capitalism and the regulatory state are cyclical and capable of reversal. If we want to retain the American edge in entrepreneurship, in economic dominance, we should focus on reducing the size and scope of regulation at the local, state, and federal level.
And that is what is underway now in Trump 2.0. Together it is leading to a new Golden Age for America.
(Views expressed by guest commentators may not reflect the views of OAN or its affiliates.)
THEODORE ROOSEVELT MALLOCH is a scholar- diplomat-strategist is the author of the new book, GREATNESS: The Trump Revolution and the Coming Golden Age for America. He has authored 18 books and taught at Yale and the University of Oxford, served at ambassadorial level for the US in the United Nations Geneva during the end of the cold war, and been a strategist to governments and many corporations.
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