Monday, June 10, 2013

Capitalism Haters'

To hate capitalism shows that you have no understanding of history. Also the quote I got because I dared to state the obvious about boomers debt of "capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all" probably says more about the commenter's feelings towards their fellow humans than anything about capitalism.

And, just because someone makes a remark that is quotable, does not make it true. Also, just because others use a quote, still does not make it true. No matter how you slice and dice it, this quote is a very cynical view of mankind.

This was one of the replies I got about who will pay for the boomers' debts. Perhaps my readers were a little upset that we have allowed our politicians to run up huge debts that now have to be taken care of. Like a bit of anger at me for pointing this fact out or a bit of blaming others rather than ourselves for the debt we are in. It is easy to say some abstract economic theory like capitalism is the fault rather than pointing the finger at us, where the finger should be pointed.


Capitalism was used by the western world to move people out of poverty to the peace and prosperity of today. Compared to our historical past, we have never had it so good. We live in comparatively very safe and very prosperous times.

Before the western world had industrialization and capitalism, life was nasty, brutish and short. For all the suffering people endured in cities in early industrialization, people were better off than they had been before they immigrated to the cities. The people might have been uneducated and poor, but they were not stupid.

Capitalist policies in places like China are currently moving millions of people out of dire poverty.

Opinion on Fellow Humans

I personally have a very good opinion of my fellow humans. I think most people are just trying to do the best that they can. I generally do not expect to be cheated by others and I am generally not. Of course, there are people who would try to cheat me, but to me that is more their problem than it is mine.

I have worked in officers and I have found most people, including management, were trying to do a good job. People who hate capitalism also seem to feel that everyone in management of companies or all businessmen are crooks. This is simply not true.

Let's face it; people who hate capitalism do tend to have very negative opinions about their fellow humans. My experience has been that people generally believe that others would react in similar situations as they would. If you would act badly if you had the chance you would therefore expect that others would so too. If you are of the disposition that you would cheat other people if you could, you would certainly feel that others would cheat you if they could.

Capitalism did not cause man's inhumanity to man. It does not cause us to be good or bad. Google who treats its employees very well can operate under capitalism just as well as firms that do not.


So you do have choices. You can sit and moan about how awful the system is, or you can get off your duff and do something to make the world a better place. You can chose to help out your neighbor; you can chose to help out your community.

This blog is meant for educational purposes only, and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. See my site for an index to these blog entries and for stocks followed. Follow me on Twitter.



    1. Dear Anonymous.
      So you found a cute video on youtube. But why should I watch it. Who did it? What are their qualifictions?

      Oh! I see. Since it is on the internet it must be true and it must negate all that I have learned in the 100's of economic books I have read.

  2. "Why should I watch it?" because it provides a well thought out alternative view; evidence based.

    "What are their qualifications?" The London School of Economics. The introduction in the first few minutes describes the speaker's accomplishments.

    I see that you do not want to be confused with the opinions of others or the data if it might refute your beliefs.

    It is possible that your a better versed in economics than Paul Krugman or the people at the London School of Economics. Possible but not probable.

    I followed some of what you said because I found it mildly interesting. I was attempting to tease out the underlying logic to your arguments. I have come to the conclusion that the only logic you follow is "if SP Brunner believes it then it must be true".

    Goodbye and Good Luck

    1. Believe what you want.

      But my questions on why I should watch it is valid. You just gave a link, you make no comments, so not being a mind reader, I would not know what it was, what to expect nor who wrote it.

    2. And, by the way, I have not heard anything interesting from the London School of Economics for years.

      Currently I am reading Niall Ferguson's latest book. Yes, he is opinionated and controversial, but he certainly makes you think.