Hyphenated capitalism is no capitalism at all. The better name for it is socialism lite.

— Nikki Haley

A sound heard recently on Pennsylvania Avenue was a gauntlet being thrown down by a woman spoiling for a fight. Nikki Haley went on offense in defense of America’s economic system, which she correctly says is inextricably woven into the nation’s system of liberty. Some Democratic presidential aspirants and a portion of the public have been flirting with socialism, and some conspicuous Republicans might as well be while they are promoting “hyphenated capitalism.”

Speaking in a manner bracingly unusual in this city, Haley minced no words: “The American system is capitalism.” Although “the Founders never used the word, they gave us capitalism in all but the name,” because capitalism is “another word for freedom. And it springs from America’s most cherished ideals.” The Founders understood something the Supreme Court has forgotten for eight decades: Economic freedom is, like freedom of speech and free exercise of religion, a fundamental right. Capitalism has “lifted up more people, unlocked more progress, and unleashed more prosperity” than any other system, yet “many people avoid saying that word, including some conservatives and business leaders.”

Haley said the Business Roundtable, which represents major corporations, wants companies to “focus not on business, but on some vague notion of helping ‘stakeholders,'” meaning customers, employees and communities. “This,” Haley said astringently, “is puzzling.” Companies that do not serve their customers, reward their workers and serve their communities will fail — unless abusive or incompetent companies are saved by misguided government policies. Such business-government entanglement breeds cronyism, self-dealing and bailouts from taxpayers.

“Some conservatives,” Haley said, “have turned against the market system. They tell us America needs a … different kind of capitalism. A hyphenated capitalism. Yet while these critics keep the word capitalism, they lose its meaning. They want to give government more power to make more decisions for businesses and workers. They differ from the socialists only in degree.”

She did not need to specify Florida Republican Sen. Marco Rubio’s aspiration for “common-good capitalism,” or Missouri Republican Sen. Josh Hawley’s even vaguer capitalism that does not encourage “Pelagianism” and the “Promethean self.” Really. Such conservatives inevitably advocate, in effect, government “industrial policy,” socialism’s essential ingredient.

“Only in a prosperous country like America,” Haley said, “can people be so flippant about capitalism and so naive about socialism.” She has stood on the Simon Bolivar Bridge connecting Venezuela and Colombia.