In Praise of Capitalism

Discussion in 'Economy' started by PoliticalChic, Jul 4, 2012.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    1. The Social Gospel enthusiasts cloak their aims in the language of religion, and suggest that the alternative is the evil “profit motive,” … and capitalism. Yet, morality is actuality at the center of capitalism. Early economic thinker Adam Smith famously wrote about economic concepts in “An Inquiry into the Nature and Causes of the Wealth of Nations,” in 1776.

    a. Smith propounded the idea that free trade benefits both sides, and how the “invisible hand” of self-interest benefits society overall.


    2. But it was Smith’s “The Theory of Moral Sentiments,” published 1759, revealed how market rewards encourage virtues such as hard work, what he called “industry,” and trustworthy behavior. In the chapter called “Of the influence and authority of the general Rules of Morality, and that they are justly regarded as the Laws of the Deity,” he asked ‘What is the reward most proper for encouraging industry, prudence, and circumspections? Success in every sort of business.’ The Theory of Moral Sentiments by Adam Smith 3

    a. So, capitalism is not only the best economic system, but it is the best way to encourage people to engage in hard work, and to be honest in their dealings.


    3. Marxism rested on the assumption that the condition of the working classes would grow ever worse under capitalism, that there would be but two classes: one small and rich, the other vast and increasingly impoverished, and revolution would be the anodyne that would result in the “common good.” But by the early 20th century, it was clear that this assumption was completely wrong! Under capitalism, the standard of living of all was improving: prices falling, incomes rising, health and sanitation improving, lengthening of life spans, diets becoming more varied, the new jobs created in industry paid more than most could make in agriculture, housing improved, and middle class industrialists and business owners displaced nobility and gentry as heroes. https://www.hillsdale.edu/news/imprimis/archive/issue.asp?year=2007&month=05



    4. “A couple of years ago, Amanda Hocking needed to raise a few hundred dollars….. We find Hocking sitting in her tiny, sparsely furnished apartment in Austin, Minnesota. She is penniless and frustrated, having spent years fruitlessly trying to interest traditional publishers in her work…. she is more than willing to drive eight hours but has no money for petrol, let alone a hotel for the night. What is she to do? Then it comes to her. She can take one of the many novels she has written over the previous nine years, all of which have been rejected by umpteen book agents and publishing houses, and slap them up on Amazon and other digital ebook sites. Surely, she can sell a few copies to her family and friends? All she needs for the journey to Chicago is $300… Over the past 20 months Hocking has sold 1.5m books and made $2.5m. All by her lonesome self. Not a single book agent or publishing house or sales force or marketing manager or bookshop anywhere in sight.” Amanda Hocking, the writer who made millions by self-publishing online | Books | The Guardian

    From chapter 12 of "Cowards," by Beck and Balfe.
     
  2. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Well, there's no other economic system that comes close to increasing wealth and the standard of living for those societies that use it. It's problems are in governance, either too little or too much or too ineffectual; our political leaders have been making changes for political reasons rather than for the real common good. That is one big reason why we find ourselves in the mess we're in now, mismanagement by both sides for at least several decades.
     
  3. Toro
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    Toro Diamond Member

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    Capitalism rocks!
     
  4. edthecynic
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    edthecynic Censored for Cynicism

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    While it is true that free trade benefits both sides, there is no such thing as free trade in real world capitalism. Capitalistic self interest is all about driving the competition out of business or taking them over to create a monopoly to maximize profit.
     
  5. PoliticalChic
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    PoliticalChic Diamond Member

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    We'd best enjoy it while we can, Toro....

    ...cause the idol of the Democrat Party is gonna get rid of capitalism....
    ....he's just not quite certain what he'll replace it with!
    (Oops...did I just end a sentence with a preposition???)



    Michael Moore tells CNN's Anderson Cooper that capitalism as we know it is over. Moore say capitalism is where "the problem" is. Moore was broadcasting from "Occupy Oakland."

    "So, let's not use the old definition where we think -- when we say capitalism, we're talking about 2011. 2011 capitalism is an evil system set up to benefit the few at the expense of the many. That's what happened, and that's what people are tired of. Which is too bad for the capitalists because I think a lot of people, perhaps in this crowd, probably used to support the 'old-style' of capitalism," Moore said on CNN.

    "So, what system do you want?" Anderson Cooper asked Moore.

    "Well there's no system right now that exists. We're going to create that system. This movement, this movement in the next year, or two, or few years is going to create a democratic economic system. That's the most important thing. Whatever we come up with it has to have at its core -- the American people are going to be the one's controlling this economy. We're going to have a say, a big say, the say in how this economy is run," Moore said.

    Moore says the Occupy group and himself have "declared" the current economic system as over. "It's just a matter of time until we make that happen," Moore said.
    Michael Moore: We're Going To Replace Capitalism As We Know It | RealClearPolitics
     
  6. Moonglow
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    Moonglow Diamond Member

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    #3. they left out what happened to that unbridled wealth in 1929. Capitalism has created monopolies in which became so powerful they rivaled the nation. They abused third world nations and finally their bankrupt ideals of lassier-faire were brought home to roost.
    Today Americans have a more even playing field to promote their ideas and products through the inernet. Competing against mega-corporations make it so the playing field is rough, profits low.

    Craigslist is a great spot.
     
    Last edited: Jul 4, 2012
  7. Quantum Windbag
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    Quantum Windbag Gold Member

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    No, that is what the government is all about. Monopolies are impossible without the force of government.
     
  8. edthecynic
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    edthecynic Censored for Cynicism

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    Monopolies have always existed on their own and then they proceed to monopolize the government later on to protect their existence. As always, CON$ put the cart before the horse. Monopolies use the wealth generated by their monopoly to buy the government, without the wealth generated by their monopoly they would not have the money to purchase their puppet politicians.
     
  9. Quantum Windbag
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    Quantum Windbag Gold Member

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    I don't know how many times I have had this argument on this board, and every single time I have won by default. Why don't you prove me wrong by showing me any example of a monopoly that existed without government sanction. One would think that would be easy since monopolies are so natural.
     
  10. regent
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    regent Gold Member

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    Capitalism came with liberalism and is, thus far the best economic system devised, but it has some problems. The first problem has been keeping capitalism, capitalism.
    Too often capitalists attempted to destroy their competition thereby destroying capitalism, so regulation seems to be needed. Another problem is the business cycles, how to prevent and/or how to cure. So far we have only Keynes.
    The third, as Friedman said, capitalism is based on greed. And it seems capitalism brings out the greed in people and the greediest will eat the non-greedy alive. Capitalism seems to destroy some of charity of mankind?
     

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