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CapitalismU.S. HistoryWorld History
In a slave economy, slave owners seek technological innovations that make slave labor more productive. But they also place inefficient and artificial limits on innovations that might change the established social order.
The present fascination with socialism and hatred of capitalism reflects a combination of willful historical blindness, lack of simple common sense, and inexcusable economic ignorance.
Capitalists, acting as intermediaries between present production and future consumption, are the key players in every capitalistic economy.
CapitalismSocialismCalculation and Knowledge
A recurring theme among leftists in a world of scarce housing: Why should landlords be allowed to make a profit? It turns out there are many good reasons.
Market knowledge is generated in individual transactions and by entrepreneurial drive. No amount of technology can replace the market process.
To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer.
CapitalismProtectionism and Free TradeSocialism
It is true that socialism and interventionism have not yet succeeded in completely eliminating capitalism. If they had, we would rediscover the meaning of hunger on a massive scale.
Every economic system is a mixture of market action and state control. The Marxist strategy is to blame every ill caused by state intervention on capitalism.
CapitalismMedia and CultureU.S. History
Henry David Thoreau left behind many great admonitions. Alas, philosophical gems are not legal tender when rent is due.
In order to produce capital goods, and hence more consumer goods, we must first forego current consumption. That is, we must save now to have more later.