Capitalism and the Wall Street Protesters

Note: This article is one of the best I’ve seen explaining true capitalism, in stark contrast to the crony capitalism (corporatism) that the Occupiers are concerned about.

Written by Dr. Dom Armentano

“With at least 12 compulsory years in public schools, one would think that most of the twenty-something Wall Street protesters would have some understanding of capitalism, its actual history, and its accomplishments. Well, maybe not. One can only wonder what passes for economic education these days.

So what is capitalism? Free market capitalism is based on the individual right to own and freely trade property. It permits owners of property (land, labor, capital, etc.) to enter (or exit) any contract on mutually agreeable terms. It gives entrepreneurs the freedom to start any business (without government permission) and to borrow money and develop products for consumers. It permits land owners to rent (or sell) their property for any peaceful purpose. It gives adult workers the liberty to lease their services to any business at any agreeable wage and to terminate that agreement at will; employers would have the same right.

Capitalism allows firms to compete (and cooperate) with other firms; it allows firms to succeed and reinvest their profits; it allows firms to make losses and fail and go out of business. It allows consumers to choose any product or service (drugs and prostitution would both be legal) and allows parents to educate their children in any manner and for any length of time that they decide is appropriate.”

Click HERE to read the rest of the article!

 

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