The Moral Case for Capitalism

Thoughts on a Free Market Economy…

“The Moral Case for Capitalism”

By Phyllis Hunsinger

June 1, 2018

 

              An alarming survey recently released from the American Culture and Faith Institute found that 40% of the adults surveyed in America prefer socialism to capitalism.  Fifty-five percent of young adults surveyed under the age of 30 in a 2016 Gallup poll viewed socialism favorably. These surveys seem to indicate the public is increasingly in favor of a government regulated economy rather than a free market economy.

             America has earned a reputation around the world as providing equal opportunities for all and for possessing an individualistic attitude to succeed.  Americans have admired the success of hard-working individuals who are striving to advance their economic status.  People from other countries wait years, often enduring hardships, while waiting for a chance to live in America where they know the opportunity exists for them to have a better life. Jealousy and resentment have never been characteristics associated with Americans or used as a reason to take away another’s rightfully earned wealth.  This change in attitude is brought about by many politicians and educators taking advantage of the lack of economic knowledge of young people. Free stuff sounds so good when economic ignorance rules the day.

            Margaret Thatcher, as prime minister of England said, “The problem with socialism is that eventually, you run out of other people’s money.”  Examples of the failures of socialism litter the history of the 20th century.  The latest socialist economic disaster is Venezuela, a country rich in resources but whose citizens are literally starving to death. President Donald Trump summed up the problem with Venezuela when he said, “The problem in Venezuela is not that socialism has been poorly implemented, but that socialism has been faithfully implemented.”

           Capitalism is the only economic system that has proven to be the best way to lift humans from poverty and reduce inequality all over the world. Having defined private property rights, Americans have the equal opportunity to pursue their own interests and benefit from the fruits of their labors.  Equal opportunities do not mean equal outcomes. It has been said,  wealth is the residue of hard work, determination, luck, and self-denial:  None of which is distributed evenly.

            Thomas Sowell addresses the issue of fairness upon which advocates for socialism base their arguments when he said, ““Since this is an era when many people are concerned about ‘fairness’ and ‘social justice,’ what is your ‘fair share’ of what someone else has worked for?” 

             Socialism depends on governments taking from some, giving to others, and denying the individual rights and private property of its citizens.  Capitalism, with its system of voluntary exchange facilitating more common good, opportunities, and prosperity, is the only moral economic system.

 

https://www.free-dom.co.us, Phyllis Hunsinger © 2013 All Rights Reserved

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