Some reasons why I love capitalism

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.

Lessons from the Stamp Act

That’s the subject of my latest over at RealClearHistory. Peep game:

The refusal of the colonies to pay for the war they initiated also led to the flare up of a simmering tension between elites on both sides of the British Atlantic: representation. The colonists wanted to send representatives to London and have them participate as full members of the body politic. The elite on the islands, however, were openly disdainful of American elites and probably did not want to disperse their power even more thinly by admitting new seats. Adam Smith was especially prescient on this matter, actually arguing that London could avoid most of its trouble by simply admitting American representatives to parliament.

Please, read the whole thing.