QUORA *: ‘Why is
capitalism only good at wealth creation, but bad at wealth distribution?’
I posted this answer:
The question springs from
flawed understanding.
Unlike other social systems,
capitalism is not imposed from the top down by a governmental elite. Rather,
capitalism begins and evolves spontaneously and naturally to the extent people
are free of forcible interference from others, including others in their
capacity as government officials. A government in a capitalist society sticks
strictly to its function as laid out in the U.S. Declaration of Independence;
it secures and protects individual rights. Put another way, freedom first, then
government, then capitalism--because capitalism springs from freedom and
constitutionally limited government.
Strictly speaking, only
individual people create wealth. Capitalism leaves people free to create wealth
through thought, innovation, investment, work and trade by protecting the
inalienable individual rights to life, liberty, property, association,
intellectual expression (speech, press, conscience), and the pursuit of
personal happiness and flourishing.
Strictly speaking, capitalism
doesn’t distribute wealth. It recognizes and protects people’s right to earn
and keep property, in whatever quantity they earn it. Under capitalism, wealth
by philosophical definition remains in the hands of the people who produce it
through their own work and voluntary association with others, based on the
moral principle of property rights.
In reality, capitalism
neither creates wealth nor distributes it. It is simply good at enabling people
to create wealth. It is “good” at “wealth distribution” in the sense that it
leaves the “distribution” of wealth to voluntary (free) private trade,
cooperation, and exchange among people as consumers and producers; i.e. by the
justice of the free market.
* [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.]
** [Any
social system that distributes ( or “redistributes,” in common, though
inaccurate, terminology), through government coercion, the wealth created by
individual effort and trade must necessarily do so by taking wealth from those
who earned it and transferring it to those who didn’t. Such a system is
legalized criminality, and thus an immoral system.]
Related Reading:
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The
Capitalist Manifesto by Andrew Berstein
Capitalism
Unbound: The Incontestable Moral Case for Individual Rights by Andrew Bernstein
Capitalism
and the Moral High Ground by Craig Biddle
2 comments:
‘Why is capitalism only good at wealth creation, but bad at wealth distribution?’
Let's assume laissez-faire capitalism, the only legitimate and fair starting point.
Capitalism is good at wealth creation AND wealth distribution for one reason: the free market. The market expresses everybody's values, ALL their values, by price, by money: dollars and cents, in production AND in distribution. All this is based on morality, namely, on self interest, or egoism. All that goes back to reason and sensory perception. These fundamentals lead, by way of human life, to the market, to capitalism. This is philosophy, a monolithic bloc, excluding all other psychological notions in the formulation of a proper central control of human relations by physical power, namely, in formulating law and government as opposed to crime by criminal plan. The key idea is human life.
When we question how good capitalism is at wealth distribution, we are ignoring human life. In favor of what? It doesn't matter. It also ignores self interest or egoism, meaning, morality, and reason and sensory perception. In favor of what? It doesn't matter. Such denial and evasion is a psychological monolithic bloc.
This perverted psychology produces only a pseudo-philosophy or pseudo-science. When this is put into action, it must be countered by philosophy and science, in action.
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