If you hate capitalism, at least know what it is

More and more anti-capitalism signs are showing up at leftist parades and rallies, but it’s apparent that few of these sign-bearers have read Milton Friedman or Thomas Sowell. Most of them were handed a sign and a few bucks, and told to either ignore questions from reporters or regurgitate the usual talking points about evil, diabolical capitalism.

Capitalism is simply the exchange of goods and services at a mutually agreed upon price, free from government involvement. When you buy a hammer at Home Depot, both sides benefit; you value their hammer more than your ten dollars and Home Depot values your ten dollars more than their hammer. When billions of voluntary transactions like this take place every day the economy flourishes, but under socialism or communism the government tries to manage these exchanges, with predictable results – shortages, a stagnating economy, and wide-spread fraud.

The covetous among us believe the economic pie is zero-sum, and assume that a prospering business must be doing so at the expense of everyone else, when the opposite is true. Elon Musk got rich by enriching countless others, but he is vilified by those who resent him for his success.

No system is perfect: To paraphrase Winston Churchill, “Capitalism is the worst economic system ever tried – except for all the others.” But people who claim to hate capitalism should at least know what it is.

DAVE MUNDELL

Sandpoint