Tuesday, August 9, 2016

Capitalism can be unfair and cruel but are the alternatives better ?


Capitalism and free markets are not fair (in fact, capitalism is a cruel system in numerous ways), but it is a far fairer system (not crony capitalism) than all the other forms of organizing economic and social life, and in particular vastly superior to socialism, communism, and the arbitrary command economy.

Western democracies had (like socialism and communism) the noble idea of creating a fair society [Albert Camus: “The welfare of the people has always been the alibi of tyrants”], but it is now ending up with system that is characterized by far more injustices and abuses by bureaucrats, powerful corporations and government officials.