The System Built on Greed

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Guest post by C. Jay Engel of the Reformed Libertarian.

The anti-free market proclamations from the left (and even sometimes the right) come in all shapes and sizes.  Among the more common of these proclamations is the one that I heard yesterday.  As far as I can remember, this is what was said by the individual (to her friend) next to me.  “Capitalism is problematic because it is an entire system based on greed.  If we want a healthy society, we should not seek to adopt such a system.  We need a system that is based on cooperation and love.”  That capitalism is a system built on greed is a claim that is often heard and the theme has been pushed at every level of society; from the politicians, the educators, the commentators, the media, and the average Joe.

It is immediately clear that there is a dichotomy here between cooperation and capitalism, a dichotomy that should immediately raise the red flags of the libertarian.  After all, aren’t we always saying that the economy is most ethical when it is completely voluntary?  And does not voluntary interaction and exchange form the basis for capitalism?  The problem sits in the misunderstanding of the very nature of (free market) capitalism.  This capitalism is not the same as the fascist system we have today.  The American system of corporatism, that has largely existed since the nineteenth century, should never be confused with the free market.

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Is Wealth a Sin?

Whenever statistics about inequality and the so-called “control of wealth” get published, the Progressive blogosphere goes wild and their social media statuses light up with indignant calls for concern for the poor in the face of “obvious injustice.” Since few people read beyond the headlines and summary paragraphs, and even fewer seek out alternative analyses of the data, the popular meme of “rich get richer, poor get poorer” pervades our world. It is a sad reality that few people think beyond their emotional responses.

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