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flyer: Fundamental virtues of Capitalism



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[Topics under debate]: GOOD GOVERNANCE
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Fundamental virtues of Capitalism
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* It respects human choice. Man is free to choose "not only between
various material things and services.  All human values are offered for
option" (Ludwig Von Mises). People are free to negotiate and enter into
appropriate, voluntary, contracts.

* It permits calculated risk-taking. Bureaucrats are severely
constrained in risk-taking through committees and rules. They cannot "
'waste' their savings pure hunches" (John Chamberlain). Without this,
dramatic innovation is virtually impossible. "Nobody can be
spontaneously creative if he must first wait upon the decision of a
board for permission to act" (John Chamberlain).

* Man is designed to feel, perceive, and work primarily as an
independent being (Man is limited by information, knowledge, and
understanding). Therefore man, "by pursuing his own interest ...
frequently promotes that of society more effectively than when he really
intends to promote it" (Adam Smith) due primarily to this impossibility
of taking good decisions for others. As the Chinese say, "A great man is
a public calamity." Capitalism is sustained by Mr. Everyman, working
away at his or her tasks as individually determined. It does not need
powerful leaders like Hitler, Hitler or Stalin, Mao, or Castro to direct
Mr. Everyman. Each man is assumed capable of making choices and
of 'leading' himself.

* With capitalism, luxuries percolate to the poorest. The "laboring
people need not now be contended with the some food, clothing, and
lodging which satisfied them in former times" (Adam Smith). Socialism
actively opposes luxuries.

* Capitalism is civilized since it is premised on the existence of
rights in property. Capitalism cannot work in a brutish society where
life and property are at the mercy of murderers and thieves (as in the
case of the purely socialist societies). Human rights and property
rights go hand in hand.

* Capitalism is also civilized since in its true form it invariably
requires a democratic political system to support it, where Mr. Everyman
is respected as an individual.


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