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Re: flyer: Fundamental virtues of Capitalism



This is excellent, except for para 4, which is factually inaccurate: some
luxuries may well percolate to the poor, but in general "trickle down"
theory has no substance (see the United Nations Human Development Report
for detailed evidence regarding this, even though it is not the intention
of the Report to discuss the theory). 
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[Topics under debate]: GOOD GOVERNANCE
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I would suggest that para 4 simply be deleted. 

There are a sufficient number of other virtues here on the subject of
Capitalism vs Socialism for the document to be persuasive. 

Professor Prabhu Guptara
Director, Organisational and Executive Development
Wolfsberg Executive Development Centre
CH-8272 Ermatingen
Switzerland
tel: +41-71-663.5605
fax: +41.71.663.5594
email: prabhu.guptara@ubs.com


______________________________ Reply Separator _________________________________
Subject: flyer: Fundamental virtues of Capitalism
Author:  sabhlok (sabhlok@almaak.usc.edu) at unix,mime
Date:    08.05.1999 18:48


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[Topics under debate]: GOOD GOVERNANCE
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for approval:
     
Fundamental virtues of Capitalism
=================================
     
* 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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This is the National Debate on System Reform.       debate@indiapolicy.org
Rules, Procedures, Archives:            http://www.indiapolicy.org/debate/
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