Britain and the other large wealthy countries of Europe are the poster children for anti- capitalism . Why does President Joe Biden embrace the anti-capitalism of Western Europe that will leave all Americans poorer?

The data say anti-capitalism is the economic path to a less prosperous America. The per capita GDP of the United States approaches $80,000 . Germany is the wealthiest large country in Europe. Its per capita GDP is about $51,000. The per capita GDP of Britain is about $46,000 . The numbers speak for themselves, anti-capitalism and the big state are the path to national impoverishment. Policy elites in Europe are anti-capitalist. They prefer equality to national prosperity. They attack wealth creation. The countries of Western Europe are anti-innovation. Few major technology companies are headquartered in Western Europe.

The six most valuable technology companies — Apple, Microsoft, Alphabet, Amazon, Meta, and Tesla — are all American.

Biden’s anti-capitalism is not hypothetical. It is on full display when the president attacks the pricing mechanism in the energy industry and threatens punitive tax increases on oil companies. Biden attacks the foundation of capitalism, the pursuit of profit. Without profit, there is no prosperity. Biden is an anti-capitalist. The oil companies are satisfying their fiduciary duty to their shareholders, maximizing shareholder value. The oil companies are following the basic principles of capitalism, maximizing profits, reinvesting, and returning excess capital to the shareholders who own the company. As Adam Smith, founder of modern economics, wrote over 240 years ago: "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

Biden’s anti-capitalism is further illustrated by his climate change policies. He chooses subsidies over the law of supply and demand and the pricing mechanism. He destroys scarce capital by subsidizing more expensive and less efficient green energy. The energy efficiency of a combined cycle natural gas plant can reach 60%. The energy efficiency of a solar farm is around 20%. The subsidies harm America’s hydrocarbon industry, which employs over 100,000 workers and pays wages about two times the national average.

Free trade is also fundamental to capitalism. With free trade, the law of comparative advantage maximizes economic prosperity for the U.S. and other countries. But Biden chooses to pursue his climate change policies through protectionism, trade barriers that harm the U.S., our trading partners in Europe, as well as in the democratic economies of Asia. A global trade war is breaking out because Biden is anti-capitalist.

Even about his semiconductor policies, Biden is an anti-capitalist. The U.S. is uncompetitive regarding semiconductor fabrication facilities because U.S. taxes on semiconductor companies are too high and U.S. regulations regarding the construction of fabrication facilities are too onerous. It costs 30% more to construct and maintain a fabrication facility in the U.S. than it does in Taiwan. Biden subsidizes the semiconductor industry. He does not recognize the truth: Corporate taxes matter, and non-cost-effective regulations matter. Lower corporate taxes and fewer regulations will lead to more investment.

Top line: Biden’s anti-capitalism harms the country and the global economy. He should read Adam Smith.

James Rogan is a former U.S. foreign service officer who later worked in finance and law for 30 years. He writes  a daily note  on finance and the economy, politics, sociology, and criminal justice.