Wednesday, May 1, 2013

Account for the unrivaled success of market capitalism

There are a number of reasons why market capitalism has
been more successful than any other economic system.  I would argue that the two most
important of these are:


  • Capitalism fulfills (to
    the greatest extent possible) people's material desires.  We all know that people are
    materialistic; they want things.  In capitalism, if we want something and can afford it,
    we can have it.  There is no government or traditional authority telling us we can't
    have it.

  • Capitalism fulfills people's emotional desires
    as well.  People want to get the benefit of their hard work.  If they are talented and
    they work hard, they want to be rewarded.  Capitalism rewards these things by (in
    general) giving us a higher standard of living in exchange for our hard
    work.

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