America's version of capitalism has been much more dynamic than Europe's. Why don't Obama and Romney debate that?

When the G8 major economies convened at Camp David last weekend, the continuing crisis of the euro, common currency of 17 European Union (EU) members, dominated the economic discussions. The agonies of Greece, badly divided in recent parliamentary elections, and forced to vote again on 17 June, were at the forefront.

Ready for the battle in November? You probably think I’m talking about the election. No, I’m talking about the battle around your Thanksgiving table. The dinner conversation will turn to politics and the economy, and it will be your job to stick up for capitalism and free markets.

Europe’s current debt crises are a consequence of a region-wide crisis of the welfare state, whose vast promised benefits voters demand, yet are unwilling to finance through self-taxation.

An unexpected Swedish victory is just the latest in an unprecedented run of success worldwide for fiscally conservative parties, beginning after the Greek debt crisis in April, which should sound both optimistic and cautionary notes for GOP leaders.

The governments of U.K., Ireland and Greece have embarked upon ambitious, sometimes painful efforts to restore their economies Of the three, the U.K. and Ireland took their medicine, while Greece decided the taste was just too awful, and its irresponsibility threatens every euro-zone country.

The Greek debt crisis is neither a new phenomena or a uniquely Greek problem, and finding solutions requires tackling the myths surrounding the crisis.

Modest structural economic reforms in Greece are set to continue, though they will encounter significant resistance.