To understand economics you have to understand human nature.
Idiots on the left (and that’s what they are so this isn’t meant to be a derogatory term, just an observation of a person’s ability to accurately convey information. After all they either don’t understand and are idiots or they do and they’re liars.) will try to tell you something along the lines of a capitalist economy is evil and immoral. It’s designed to keep power structures in place, feed off the poor and keep the rich and poor where they have always been. This is just untrue and can be observed by watching it in action. Capitalism is the only economic structure with mobility, individuality and freedom.
Let me tell you what an economy actually is, it’s the macro monetary system of individual choices played out on large scale.
One’s ability to create wealth is down to their ability and desire to work.
You may be bright so working hard and paying for a university education to help you get a job where you use your brain.
You may be strong and not particularly bright so working long hours in a low wage high intensity job whilst putting in extra hours, taking less days off and making an impression is going to help you get ahead.
You may be fearless so finding high paying jobs in far off places that utilize your ability to put your life or body on the line for your job will suit you just fine.
You may be a loner with great ideas and dedication that will create new products or services into the economy and become rich accordingly.
You may have one skill, that is very rare, so growing up to be a sportsperson or entertainer will be your best option.
All these things acknowledge the differences within us but the common factors are hard work and dedication. Barely anyone gets anywhere by doing nothing. The only people we should be concerned about helping is people who are unable to work or unable to work full time.
What about income inequality?
I don’t really care.
1. Forced income equality is immoral. To decide straight off the bat that everyone should be earning the same, regardless of what they want at the end of a gun or risk of imprisonment is immoral. Maybe I don’t want to earn the same as you. Maybe I want to earn more so I can do more and if I want to do more the natural recourse is that I should work more. Voluntary engagements are the only moral ones.
2. It’s fantasy. No one has ever earned the same as everyone else, we all know in socialist economies there are actually secret high “earners” within the government. In fact I’d go so far as to say less than 1% earns more than the rest of the 99% combined. Whether it be a family or an oligarchy, there has never been a truly equal society.
3. It ruins an economy. Any economy where there has been a majority of low earners doesn’t have the same economic growth and stability. The labour market stagnates and people literally starve. There is no competition for capital so people don’t work as hard to produce and there is no incentive to progress. When you have to engage in competition for capital, progress is a natural byproduct.
For those suggesting you only want a bit more equality, where does it end? At least be philosophically consistent in your principles. Why have £8 for minimum wage and not £80? Why have a higher tax for the wealthy when you can just get rid of the wealthy?
Margaret Thatcher pointed out something very obvious about socialism and this sort of thinking.
I don’t care about income inequality I just want there to be less poor people. I’m not as rich as Mark Zuckerberg, but then again I didn’t create Facebook.
People get where they are, mostly, because of personal responsibility. I should not and would not force people to engage in contracts for terms of employment. It is up to the individual to take a job, negotiate contracts and withhold labour at their own discretion.
This is reflected in the morality of capitalism. Lot’s of the self made millionaires/billionaires have actually set up their own charities to help disadvantaged people. And that’s the difference between charity and socialism, enforcement.
Rich people shouldn’t Inherit money.
“People born rich don’t deserve that money especially when they decide not to work and live a life of luxury”.
Well that’s theft. Taking wealth from someone after they decided what to do with it is theft. My parents made some bad decisions, I was worse off than some of my friends. Their parents and Grandparents made worse decisions then other parents, you get the idea.
Inheriting wealth isn’t a sin. It’s a gift because your guardians worked hard and decided to provide for you.
Most people work hard not for themselves, as the left would have you believe (greedy capitalist pigs), but for their families and future. Seeing as most of the world’s billionaires didn’t inherit their money I’m not against that money going to their children, especially when I decided to buy their products or services and their children often carry on the family business.
Yes there are examples where this isn’t true, but it’s not the majority and it’s not up to me to steal someone’s wealth that just because I am worse off.
It’s the type of people who hate on Starbucks for being a massive corporation but have no idea about the guy who started it and where he came from.
So let me tell you why I am a capitalist.
It works. The most economically successful and overall richest countries in the exist of mankind have been capitalist. You could argue some countries have “social policies” but that’s not the same as socialism. Allowing people to work to create wealth and own property and have the freedom to make decisions within their own lives is essentially all capitalism is. The less government gets involved the more fruitful business relations can be.
It’s ethical. As described above, capitalism is about freedom. And the only interactions we should make are consensual ones. We don’t argue for rape or theft or murder so why should we argue for government control over our wealth and independence?
There have been many people who have explained capitalism better than I, and this isn’t an exhaustive list of reasons to be a capitalist. But I am disturbed by the growing popularity of socialism, especially among young people who have never witnessed it on broad scale within their own generation.
If you are interested check out anything by Ayn Rand, Milton Friedman, Thomas Sowell or Ben Shapiro.
Keep it consensual guys,