Capitalism hasn't failed. Technically speaking capitalism has never even existed, only to various degrees. The highest degrees of capitalism would have been during the early days of America. The lowest degrees of capitalism would be America now.

But that's getting ahead. Let's first look at some of the things a capitalistic society must embrace:

  • Free market
  • Sound money
  • Private ownership
  • Responsible people

And a socialist society:

  • Central bank
  • Government ownership
  • Heavy regulation
  • Irresponsible people

A quick glimpse at these can show us that capitalism doesn't exist in America - it hasn't existed for years. To say that capitalism has failed shows that one's intellectual faculties have failed. We don't have capitalism. Capitalism hasn't failed. It has simply been subverted into something that is failing, namely: socialism. Socialism has never and can never work (for the most part) because it goes against the laws of nature. It's that simple and obvious to anybody with an IQ above room temperature.

So when we see medical prices going up because of capitalism that's simply incorrect. It's not greedy medical offices. It's government intervention in the market forcing people out. I can't "practice" medicine without a "license" and I can't get a "license" without a "degree"... so much for freedom there. Furthermore, it's insurance and easy money forcing prices up. Thomas Sowell talks about the differences between "health insurance" and "medical insurance". The whole thing is just silly.

This same exact scenario is happening in colleges. Colleges are raising their prices because people have government loans and easy money to go to school. You SHOULD NOT go to school if you can't afford it. This has artificially inflated the price for college.

The same exact thing happened in real estate. The government created institutions to guarantee banks to write loans that they normally wouldn't write. Once again prices artificially rose.

Look, I could see people being confused about this topic maybe 10 or 20 years ago, but these days? I mean cmon, we have the Internet, we have recent history, we have everything you could possibly need to see what's going on. This kind of stuff is so blatantly obvious these days that to say capitalism has failed clearly shows that you have failed in sound reasoning. I mean seriously. Read a book and let's cut the little baby discussions and 3 year old's talk about things that are documented, played-out and obvious.

So in light of nature and the universe, can we please work on bringing Capitalism and freedom back to the world, or at least America? It works in nature. Why do we always think we can outdo nature and come up with something better than pure, absolute freedom? Children will be children.

 Filed under: Politics / Government, Capitalism

About The Author

Quinton Figueroa

Quinton Figueroa

Facebook @slayerment YouTube

El Paso, Texas

I am an entrepreneur at heart. Throughout my whole life I have enjoyed building real businesses by solving real problems. Business is life itself. My goal with businesses is to help move the human ...

More

6 Comments

Concerned: Good post

You are exactly right. Real capitalism has not existed for decades. It is simply government intervention attempting to control the markets that has led people to wrongly perceive capitalism as failing. Any idiot who believes capitalism is failing doesn't deserve the time and effort necessary to explain to them the real reasons. As you said, the internet is full of wonderful information.

One thing you forgot to mention on your socialism bullets is transfer of wealth, which is the primary definition of socialism, along with government controlled industry.

I am glad to see you are reading Thomas Sowell. He is one of the best economists alive today in my humble opinion. You should also check out Walter Williams of George Mason University. Both Williams and Sowell have articles on Lew Rockwell.com fairly often. Williams is very much like Sowell.

Quinton Figueroa: Thanks for your response.

Thanks for your response. Thomas Sowell is absolutely brilliant. I am also familiar with Walter E. Williams and love hearing what he has to say... along with all the others like Milton Friedman, Mises, Thomas DiLorenzo and so on :)

Concerned: Reply

I like reading Friedman, however he was a supporter of the fiat currency, and did not support a gold backed currency at all. Other than those flaws I admire much of what he had written.

Last year at the Freedom Festival in Las Vegas I met DiLorenzo, Tom Woods, and a few others. I got DiLorenzo to autograph a book he wrote, "The Real Lincoln."

Mises is in my opinion the greatest economist to have ever lived. I am half way through "Human Action" now. Quite a long book. I also have read Hayek, and consider him one of the greats as well. Rothbard is another economist I admire. He is not with us any longer either, but he sure did write a lot of very good books on the subject.

Quinton Figueroa: I was unaware that Friedman

I was unaware that Friedman supported a fiat currency. I was actually reading a highly acclaimed book, "Web of Debt" and was put off by how this author also praised a fiat currency. It makes no sense to me and I really like how Rothbard and others argue a commodity backed currency so beautifully and simply. I also have Human Action on my book shelf and plan on reading it once I get through a few more of my books... I figured I'd approach it once I have a little bit of an understanding of basic economics. It's quite a daunting book being 4 volumes and all! ;)

And that's awesome you met Thomas DiLorenzo! I am just about to start his book, "How Capitalism Saved America." I've been a huge fan of his material since I first discovered it.

I am slowly working my way through a lot of the works of all the people you mentioned in preparation for my online school project. It is so enlightening to read the clarity and understanding that all these people write with. Such important stuff!

Concerned: Friedman

Yep, Friedman was a huge fan of Fiat Currency. I learned this from LewRockwell.com and Mises.org. Gary North, who is an amazingly brilliant economist wrote about him recently. He was invited to a dinner with Friedman by another Austrian Economist who was friends with Friedman (forgot which one it was). At the dinner, one of them asked Friedman who was a better economist, Ludwig von Mises or Maynard Keynes, to which Friedman replied hastily "Keynes." That bothers me about Friedman as well. My brother as you know is an economics professor and he thinks of Friedman as one of the greatest. However, he is coming around to the Austrian School and actually teaches from an Austrian perspective in his entrepreneur class. He seems to favor Mises and Hayek. But the reason he likes Friedman so much is the same reason most free market supporting economists do, Friedman is the only free market economist they get to study in school for the most part.

It seems you and I are reading the same books. I bought How Capitalism Saved America when I met DiLorenzo at the Freedom Festival. I still haven't read it yet but will soon. I just ordered The Bastiat Collection tonight along with Economy, Society, and History by Hans-Hermann Hoppe.

I don't know if you are familiar with Bastiat but he is one of the greats from the 19th century. He is the economist who came up with the Broken Window Fallacy, and many other famous economics theories. The Law is another one he is famous for, and just about every reviewer of the book on Mises said it was the best essay they ever read.

Hans-Herman Hoppe is another great Austrian, and one who is still alive today. He teaches at UNLV believe it or not, just like Rothbard did, and they were friends. Hoppe is considered by the Austrians to be a living legent. I have a shirt of him that say Privatize Everything. When you get the time try to read some of his essays and posts on Mises. He is brilliant. He wrote one essay on how to run the economy without government, in which he suggested insurance companies could do so. I sent it to my brother to read and he said it was the best essay/article he had ever read by an economist. Hoppe is an anarcho-capitalist just as Rothbard was.

Concerned: A Must Read!

You mentioned that you are still working on acquiring a solid understanding of economics. Well, the best book I can recommend for a beginners intro is Economics in One Lesson by Henry Hazlitt. Hazlitt is another one of the great minds on economics, though he was self taught on the subject. Mises recommends it as the best beginners economics book ever written. It is a book for anyone to read no matter how familiar they are with econ. My brother read it to get an idea of the Austrian School since he teaches partly from an Austrian perspective and he highly recommends it. I have read it too and keep it near my bed to read through once in a while. It's the type of book that can be read more than once, and it is a fairly short read. You could finish it in a few days.

Add new comment