Capitalism

Capitalism is often blamed for the effects of policies that aren't capitalism. This is why we need a better definition of capitalism.

Massive "fiscal stimulus" programs by European governments failed to reduce unemployment. The latest buzzword from the Continent is the "entrepreneurial state," based upon the delusion that government spending and regulation are responsible for wealth creation by private entrepreneurs.

The 2021 Nobel Prize in Economics has been awarded to Berkeley's David Card, MIT's Josh Angrist, and Stanford's Guido Imbens for their work on "natural experiments," a currently fashionable approach to estimating the causal impact of one economic variable on another. 

Capitalism isn't unique to any particular group. People with the drive to save and invest have always existed; but the idea that this instinct was immoral had to be overcome for markets to flourish. 

Devine responds to the critics who claim that capitalism is increasingly under attack because it promotes a collapse of moral values. Devine is fully capable of handling these accusations and has written a book worth reading.

Capitalism isn't just better because it makes us materially better off. Capitalism also helps us forge a more humane and civil society. 

Suddenly the champions of stakeholder theory, like the predictably despicable Washington Post, find themselves singing a new tune about vulture capitalists, deciding that hedge fund short sellers are now the good guys.

Suddenly the champions of stakeholder theory, like the predictably despicable Washington Post, find themselves singing a new tune about vulture capitalists, deciding that hedge fund short sellers are now the good guys.

Even granting the goals of “meeting people’s needs” and “selflessness” cherished by socialists, a property-based market economy is far superior at meeting those goals in modern civilization compared to a top-down, centrally controlled socialist system.