I take “modern capitalism” to mean as an
organized political/economic system. There have been periods in history that
featured some level of capitalistic economic freedom. But the principles of
capitalism* were not fully articulated until recent times.
As to the question, “risen” is a proper
description. Unlike other social systems, which were statist in one form or
another, capitalism was not imposed from the top down. It arose as a natural
consequence of a free society based on Western Enlightenment principles of
individual rights, including property rights; limited rights-protecting
government; free markets; and the rule of objective law applied equally to all.
Put simply, capitalism emerged from the grassroots after the “common man” was
liberated from top-down control by political rulers.
Of course, capitalism has not been fully or
consistently implemented anywhere. It has been bogged down by various degrees
of statism inherited from the past. Capitalism has also been denied, in part or
in whole, to large segments of the population, such as black slaves in the
American South. But enough capitalism has been established to give us a
conclusive demonstration of its practicality and morality, as observe the
explosion of prosperity and technological and social progress we’ve enjoyed
over the past 2 to 3 centuries.
Here is a sampling of suggested reading to
clarify understanding. Clarity is especially important today given the open
socialist rebellion against Americanism now taking shape on the American Left:
- On capitalism, What is Capitalism by Ayn Rand, The Capitalist Manifesto: The Historic, Economic and
Philosophic Case for Laissez-Faire by Andrew Bernstein, and Capitalism and the Moral High Ground by
Craig Biddle.
- On individual rights, Moral Rights and Political Freedom by
Tara Smith and Cornerstone of Liberty: Property Rights in 21st
Century America by Timothy Sandefur and Christina Sandefur.
- On the U.S. Constitution, Our Republican Constitution: Securing the Liberty
and Sovereignty of We the People by Randy E. Barnett and The Conscience of the Constitution: The Declaration
of Independence and the Right to Liberty by Timothy Sandefur.
* [NOTE: “Capitalism” is in my view not the
ideal name for this social organization, because it implies only the field of
economics and commerce, and government favoritism toward business, which full laissez-faire
capitalism most emphatically is not. A better name would be Americanism
because of the Declaration of Independence, which essentializes, in highly
essentialized form, the basic political principles of a fully free, capitalist
society. The most relevant part reads:
We hold these truths to be self-evident, that all men are created
equal, that they are endowed by their Creator with certain unalienable Rights,
that among these are Life, Liberty and the pursuit of Happiness.--That to
secure these rights, Governments are instituted among Men, deriving their just
powers from the consent of the governed. . .
The American Founding Fathers never even used
the term “capitalism,” which came into common usage in the 19th Century. Let me
also emphasize that I advocate the term “Americanism” not in a jingoistic sense
but in a broad philosophical sense, meaning pertaining to all human beings everywhere.]
Related Reading:
** [Quora is a social media website founded by
two former Facebook employees. According to Wikipedia:
Quora is a
question-and-answer website where questions are
created, answered, edited and organized by its community of users. The company
was founded in June 2009, and the website was made available to the public on
June 21, 2010.[3]Quora aggregates questions and answers to topics. Users can
collaborate by editing questions and suggesting edits to other users' answers.[4]
[You can also reply to other users’ answers.]
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