Capitalism (It’s not a dirty word)

Posted by on Aug 05, 2012 at 10:41 am

Capitalism has lifted the world out of poverty because it gives people a chance to get rich by creating value and reaping the rewards. Who better to be president of the greatest of all capitalist nations than a man who got rich by being a brilliant capitalist?

Yet it hasn’t worked out that way for Romney. “Capitalist” has become an accusation. The creative destruction that is at the heart of a growing economy is now seen as evil. Americans increasingly appear to accept the mind-set that kept the world in poverty for millennia: If you’ve gotten rich, it is because you made someone else poorer.

What happened to turn the mood of the country so far from our historic celebration of economic success?

Full story.

One Response to “Capitalism (It’s not a dirty word)”

  1. Geoff on 6/06/12 at 11:58 am

    Part of this issue is that Karl Marx got to define the terminology. “Capitalism” was his word rather than Adam Smith’s. Adam Smith wrote of capital and its critical role in economic development. But Smith would have used a term like “free-exchange economy” rather than “capitalism” to describe the sysem that would work best.
    As a result, the term “capitalism” came from the worst economist in history and the godfather of the worst tyrannies in history. You’d think people would notice that…