Here is a list of things I love about capitalism. Before presenting the list, it is important to say what I mean about capitalism. By capitalism, I mean free market capitalism. I don’t mean oligarchic capitalism (as it is very common in Latin America), state capitalism (communist countries) or Crony capitalism (sadly, more and more prevalent in the US). What I mean by capitalism is a system consistent with personal choice, private property, and voluntary exchange. The system Adam Smith described in Wealth of Nations. With that in mind, here is the list:
capitalism is true to human nature;
capitalism (slowly but surely) produces (immense amounts of) wealth;
capitalism is (more or less) stable;
capitalism helps the ones who need the most;
capitalism allows us to help others in need;
capitalism reduces violence;
capitalism reduces the incidence of wars;
capitalism breeds cosmopolitanism;
capitalism makes a better use of natural resources;
capitalism produces more beautiful cities;
capitalism is consistent with the Bible.
I was somewhat surprised by your point about cities (I was thinking capitalism can produce the most gorgeous and the most decrepit), but some quick research confirmed it. Really interesting.
[…] other day I wrote about some of the reasons why I love capitalism. One of them is that cities in capitalism are more beautiful. I am convinced of this when I think […]