There are three elements to the argument for capitalism, and while they connect in crucial ways they can be separately defined. In other words, consumers get a lot of inexpensive, high-quality stuff, but all the risks are borne by the system, not by the consumer. But we only notice those avocados, or MP3 players, when they are already in the bins, ready to be purchased, or not purchased if we decide we don’t want them. Ships, airplanes, and trucks are operating on tight schedules to deliver remarkably fresh food products to stores. These things are being provided almost constantly, in the background, without any of us really noticing. It can be clothing, housing, transportation, or video games or movies that are delivered to our homes or to theaters, to be available in the event we decide to avail ourselves of the opportunity. It can be food, drink, or more convenient ways to obtain food and drink. First, wealth is stuff that is useful to us. I have found it useful to summarize the argument for capitalism briefly, and in some ways superficially. The opponents will say something about greed, and inequality, and maybe exploitation. That’s even the ones who like capitalism, mind you. At best, they might say something about self-interest, or freedom. What I find bizarre is that they cannot even summarize the argument coherently. It’s fine that they might not be persuaded by the argument that’s a matter of personal conscience and understanding of how the world works. One of the most surprising things about these otherwise well-educated students is that they cannot summarize the basic argument for capitalism. I teach several different “capstone” courses, courses for students about to graduate and go off into the world.
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