Tomorrow, as we properly honor labor, we should equally celebrate capital, which enhances labor by making it more productive and hence more remunerative. Throughout history, mankind’s labors have resulted only in poverty for the masses. But when capital alloys with labor, it puts labor on steroids and eliminates poverty. Despite capitalism’s astounding achievements, it gets no respect from the media, the public or the academy and only derision from progressives; following are ten reasons why.
1. Capitalism is an economic system; as such, it is without equal. Most (if not all) shortcomings attributed to it by liberals are really political. The role of capitalism is to maximize the economic pie; the role of politics is to divide the pie as, and if, needed.
2. Progressives make false comparisons. They compare ideal socialism (never achieved anywhere) to capitalism as practised. As demonstrated in our March 24, 2019 post (go to www.mllg.us), capitalism beats socialism in theory, practice and morality.
3. The media are ignorant and biased. Capitalism has stamped out poverty and vastly improved the human condition, but is widely condemned – even by the Pope. Surveys show 95% of Americans are ignorant of capitalism’s stunning accomplishments. The only plausible explanation is ignorance and bias in academia and the media.
4. Capitalism evolved organically. No intellectual wrote a capitalist manifesto. Adam Smith didn’t invent capitalism, he merely explained what occurs naturally, no eggheads required. No one controls capitalism, whereas socialism requires controllers, i.e. progressive panjandrums, who believe they know what is best for everyone.
5. Self interest (greed) is the basis of capitalism. Greed is an inseparable part of the human condition. The genius of capitalism lies in channeling greed into incentives to serve your fellow man, whereas socialism channels it toward destructive ends.
6. Consumers are sovereign. Intellectuals and progressives enjoy no special status; the common man holds all the power. Sovereign consumers’ decisions about what to buy (or not) makes suppliers rich or poor. Wealth is achieved only by serving consumers.
7. Capitalism doesn’t need intellectuals. Professors are not highly esteemed by markets to which their exalted education and lofty intentions are superfluous. Academics prefer regulation to the chaos of markets and believe their pet theories should override the free decisions of consumers – if necessary, by using the police power of the state.
8. Capitalism is egalitarian. Uneducated blokes can make fortunes by say recognizing markets for cheaper used parts and stripping equipment to harvest them. They repulse elites by both their success and the obscene manner they spend their fortunes. They got rich because they took risks and provided services consumers valued. Meanwhile, poor overeducated pointy-headed progressives go unrewarded and unrecognized.
9. Capitalism brooks no excuses for failure. Success is based solely on one’s ability to provide value to his fellow man. Capitalism is an economic democracy in which every penny confers the right to vote. Its credo is: to each according to his accomplishments, not to his ideas or intentions. Those who fail are found wanting by their fellow man.
10. Progressives covet control over others. They don’t grasp why the poor, unwashed, ignorant rubes in flyover land believe they know what’s best for them. Progressives fancy themselves as heroic emancipators, crushing greedy capitalists, saving helpless victims and then rollicking in the just approbation and adulation of all mankind.
Capitalism has created a cornucopia of wealth unprecedented in human history, virtually eliminating extreme poverty. Nearly every metric of human well-being is the best ever and continues to improve. Average folks live better than monarchs a few decades ago. Luxuries a short time ago are now affordable at Walmart and Costco. These miracles were created not by, but in spite of, government and progressivism.
Let’s continue to honor labor on the first Monday in September. As the world’s greatest capitalist nation, let’s also celebrate capitalism and the capitalists who had an impossible dream, took great risks and had the determination to see it through.
Next on September 8th is MLLG’s back-to-school special about teacher pay.