Why is Capitalism the Best System?

           

Thoughts on a Free Market Economy…

“Why is Capitalism the Best System?”

By Phyllis Hunsinger

August 1, 2020

Socialism continues to influence conversations and policies, despite the historical fact that socialism has failed everywhere it is tried. Although its advocates lack data and facts to support their conclusions, the idea continues to exist that socialism is a more caring and moral system than capitalism.

            America was founded on the view that each of us is sovereign, having the inalienable right to life, liberty, and the pursuit of happiness. America has earned a reputation around the world as providing equal opportunities for all. Americans have admired the success of hard-working individuals who strive to advance their economic status. People from other countries wait years, enduring hardships, and expense while waiting for a chance to live in America where they know the opportunity exists for them to have a better life. In America the economic pie is forever expanding creating new opportunities and wealth. 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 encouraged by politicians taking advantage of the lack of economic knowledge prevalent today.  Free stuff from the government sounds good when economic ignorance rules the day.

            Capitalism is the economic system that recognizes the individual’s right to think, create, produce and voluntarily trade for mutual benefit; therefore, it is the system more compatible with the Constitution. 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 property rights, Americans have an equal opportunity to pursue their own interests and benefit from the fruits of their labors.

Without freedom no economic system will be responsive to the wants and needs of the citizens.  Equal opportunities do not mean equal outcomes.  Wealth is the residue of hard work, determination, luck, and self-denial: none of which is distributed evenly.

            Socialism penalizes a work ethic. Socialism takes from the productive and redistributes to the less productive. A society needs every able-bodied citizen to contribute. Thomas Sowell addresses this 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?” And Margaret Thatcher, as prime minister of England, summed up the narrative by saying, “The problem with socialism is that eventually you run out of other people’s money.”

            Socialism depends on government taking from some, giving to others, and denying the individual rights and private property of its citizens. Capitalism depends on individuals having the freedom to think, plan, create, and produce in a system of voluntary exchange with protected individual property rights, including physical and intellectual property. The loss of individual freedom associated with socialism makes capitalism the best system.

https://www.free-dom.co.us, Phyllis Hunsinger © 2020 All Rights Reserved

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2 Comments on "Why is Capitalism the Best System?"

  • Jamie Shapiro says

    Have you every been to Europe?? Or anywhere outside the United States. Curious why you think socialism has failed – in fact, the countries with the highest life expediencies, best education, least crime and happiest citizens are all socialist.

    • phyllis says

      Yes, Mr or Ms Shapiro (I am not sure how to properly address you) I have been out of the country many times. have you spent time in Chili? In Venezuela? Columbia? Sweden? Denmark? Germany? Have you visited with the people that live and work there? Have in-depth conversations with these citizens and you will find out very quickly the limitations placed on their lives because of socialism. The only reason Sweden and Germany have a high standard of living is because they have incorporated capitalism into their business structure. But ask the business people of these coubtries how happy they are to give 75 – 80% of their income to prop up less productive citizens. Please check more thoroughly before you willy-nilly give away your freedoms to central planners who can never make decisions for you better than you can make for yourself.

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