The riches of the rich are not the cause of the poverty of anybody. The process that makes some people rich is, on the contrary, the corollary of the process that improves many peoples’ want satisfaction.
On the the social characteristics of capitalism and the psychological causes of Its vilification.
He who expects a rational economic system from socialism will be forced to re-examine his views.
Voice of Capitalism
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The only real monopoly is the government itself or a business given a special privilege by the government.
A company that turned its ESG report into an opportunity to proudly defend its industry and itself.
Jobs has spent a lifetime living by Roark’s own singular rulebook not as the designer of buildings, but as the architect of a new approach to technology.
“Regulation doesn’t just kill existing businesses,” says Carney. “It keeps new businesses from ever entering.”
Last week, I debunked three myths about capitalism. Here are four more…
Bitcoin adoption should be a free choice – neither banned nor compelled by law.
Because capitalism is voluntary and consumers have choices, the only way capitalists can get rich is to offer us something that we believe is better than we had before.
To use Keynesian terms, employment in the United States is not suffering from an “aggregate demand” failure. There are plenty of job openings; it is a failure of a good number of employable people not being interested in filling the slots employers would like to fill. Why?
Economics proves the existence of a harmony of the rational self-interests of all participants in the economic system—a harmony which permeates the institutions of private ownership of the means of production, economic inequality, and economic competition.
Capitalism is denounced as “an anarchy of production,” a chaos ruled by “exploiters,” “robber barons,” and “profiteers,” who “coldly,” “calculatingly,” “heartlessly,” and “greedily” consume the efforts and destroy the lives of the broad masses of average, innocent people.
Inflation is a form of tax, under which portions of the citizenry’s income and wealth is taken from them through reducing the real buying power of money held by all those in the private sector and the general public.
Keynes used the “technique of obscure arguments followed by clear and triumphant conclusions.”
The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.
Because a politically connected businessmen wants more for himself, and politicians have the power to demand that developers kiss their rings, Edgewater’s dump is still a dump.
Economic progress is the leading manifestation of yet another major institutional feature of capitalism: the harmony of the rational self-interests of all men, in which the success of each promotes the well-being of all.
Government handouts encourage dependence and create labor shortages.
The existence of freedom under laissez-faire capitalism requires the existence of government.
The greatest era of capitalist development—the last two centuries—has taken place under the ongoing cultural influence of the philosophy of the Enlightenment.
Though the Communist Manifesto, even in its own time, failed completely as an economic guidebook, it did succeed thoroughly in instilling class hatred. This hatred, unfortunately, has been its most permanent contribution.
We should not only allow global capitalism; we should welcome it and foster it in every way possible. It is time to rephrase Karl Marx: Workers of the world unite for global capitalism; you have nothing to lose but your poverty.
Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.