Capitalism Helps
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Capitalism has been attacked for decades for various reasons, most recently because it leads to unequal wealth distribution. Admittedly, capitalism is not perfect. But despite countless other systems being tried throughout the centuries, there is no other system other than capitalism that has improved the standard of living multifold for billions of people throughout the world for hundreds of years; including those most impoverished and disadvantaged among us. This tremendous benefit has been recognized by liberals and conservative scholars alike.
"The genius of capitalism lies in its ability to make self-interest serve the wider interest. The potential of a big financial return for innovation unleashes a broad set of talented people in pursuit of many different discoveries. This system, driven by self-interest, is responsible for the incredible innovations that have improved so many lives." Yet, in a modern world built on science, data and proof, it is somewhat remarkable that so many individuals choose to overlook the solid, historical data surrounding capitalism in pursuit of some other system - many of which have already proven to be inferior.
Capitalism defined: Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned. Capitalism is a social system based on the principle of individual rights. Politically, it is the system of laissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its result is the free-market. An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. The principles of capitalism are basic and follow human nature: individual ownership rights, a rule of law that guarantees these ownership rights and fairness for all, combined with a market based system where the individual customers/consumers decide what is produced by their collective purchasing decisions. |
Capitalism is essentially a system of mass production for the satisfaction of the needs of the masses. It pours a horn of plenty upon the common man. It has raised the average standard of living to a height never dreamed of in earlier ages. It has made accessible to millions of people enjoyments which a few generations ago were only within the reach of a small elite. 
It is practically universally accepted that the unfortunate human characteristics of greed and selfishness necessitate that any civilized society include individual ownership rights and a rule of law to guarantee ownership rights and fairness for all. This leaves the primary debate surrounding capitalism vs some unknown system centered on the appropriate mechanism for balancing supply and demand of goods and services to be produced and consumed.
In theory, capitalism rewards those members of society that best provide the goods and services that society/customers want, at the prices they are willing to pay. In reality, there are many factors such as: luck, timing, intelligence, knowledge, experience, education, hard-work, access to capital, opportunity, barriers to entry and regulation – that impact an individual’s ultimate success under capitalism. Some of these factors may seem fair, while others seem unfair, but regardless, the enormous increase through the decades in the standard of living of all people under a capitalistic society is non-debatable. We encourage you to review our collection of notable quotes on capitalism for a more articulate and inspiring explanation of the subject. |