Life Without Capitalism

I hope our readers will find this new video from The Fund for American Studies worth a look (see below).  It makes a good point about how life without capitalism (and the “greed” that is often associated with it) wouldn’t be as sweet as many imagine it might be.  Indeed, the benefits of capitalism are so ubiquitous in today’s world that it was probably hard to make life without capitalism look as bad as it really would be – note that the stove, frig, and cabinets in the video are actually better than they really would be absent the market system we enjoy today.  Here, for example, is an image of a kitchen in Cuba (and see others at this site that popped up when I looked for Google imagines of Cuban kitchens on the web):

Perhaps ole Grover will get a bit part in the next TFAS video so that I can show Munger how it is done (actually, Munger is pretty awesome in the 2nd Hayek-Keynes video)!

7 thoughts on “Life Without Capitalism

  1. You have interesting perspective of what a world without capitalism would be like. I would argue that if you truly understood the impact that this system in combined with the modern phenomenon know as globalisation you would come to the inevitable conclusion that it is deeply flawed.

  2. Words have meanings and often the enemies of liberty grab hold of the language to demonize their opponents. Its an old Cultural Marxist tactic. Using the word Capitalism (a word of derision conjured up by Karl Marx) is really the wrong description for an economic system. I much prefer Free Enterprise. Not private enterprise, which is crony capitalism but Free Enterprise. A much more friendly word would be Entrepreneurship. But through it all,collectivists,whose main goal is the attaining and keeping of power,try to demonize businessmen in order to stir up the envy of everyday people. Eventually this demagoguery can lead to the destruction of the market economy,to such an extent,that it becomes defacto Fascist as America is today. Or is completely collectivist like modern day Cuba. Although far from perfect,Free Enterprise,over the last 200 years or so has provided improved and greatly increased standards of living faster for more people than any other system in history. The sad part of the story is that once economic freedom is lost it is very difficult if not impossible to restore. Instead we are left with a perpetual 1984 scenario of despair.

    1. I agree, Jerry, that another word would be preferable. I’ve heard “The Price System” too. I think “Free Markets” is best. However, I think the horse is out of the barn on this one – love it or hate it, I don’t think people are going to start using something other than capitalism anytime soon.

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