Barack Obama’s paternalism or Donald Trump’s nationalism?
What a real advocate of Capitalism might say if he was offering himself for political office.
According to the critics of capitalism, competition is a cruel process feeding unnecessary wants, that evolves into anti-competitive monopolies acting contrary to the “public interest.”
It is capitalism and the competitive market process that generates solutions to the knowledge problems of the society, including the “informational asymmetry” that naturally follows from any developed social system of division of labor.
Harmful monopolies are always created by government.
Those who speak about being on the “right side of history” have, knowingly or not, adopted a central element in Karl Marx’s analysis of capitalism
One of the most common phrases to be heard from those on “the left” is the assertion that someone or some public policy is or is not on “the right side of history.”
In the wilderness of the New World, the Plymouth Pilgrims had progressed from the false dream of communism to the sound realism of capitalism.
The free enterprise, or capitalist, system has done more to improve the material condition of humanity than any other economic arrangement of human cooperation in all of recorded history.
“Capitalism is an economic system based on the principle of every individual’s right to his own life, his own liberty and his own honestly acquired property. This private property includes his own mind and body, and the physical products that his mental and physical efforts have produced.”