Tuesday, September 1, 2020

QUORA: ‘Why is capitalism only good at wealth creation, but bad at wealth distribution?’

 

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:

 

On ‘Capitalist Government’ and Corporate Bailouts

 

QUORA: ‘Why has modern capitalism risen in the West?’

 

QUORA: ‘Is capitalism voluntary?’

 

QUORA: ‘Is fascism a capitalist ideology?‘

 

QUORA: ‘Can democracy survive capitalism?’

 

The Capitalist Manifesto by Andrew Berstein

 

Capitalism Unbound: The Incontestable Moral Case for Individual Rights by Andrew Bernstein

 

A New Textbook of Americanism

 

Capitalism and the Moral High Ground by Craig Biddle

 


2 comments:

Mike Kevitt said...


‘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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