EP#35 Why Capitalism is Good for Everyone...Even Socialists

08.04.2020 - By The Livelihood Podcast

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In this episode we argue that capitalism is a force for the good of society, by driving innovation which has given us an incredible quality of life compared with our ancestors.

WARNING: This is an opinion piece. We are not experts on the subject of economics or politics, we just think it's important and fun to discuss subjects like this, and we hope that we give a good argument to why capitalism is good for everyone.

The main points we go over in this episode -Fosters innovation and continuous incremental improvementAllows at the higher end of the spectrum, the ability to gain financial freedomActually creates a vacuum where arts and creativity are appreciated, outside of a financial reward incentive.Capitalism is pretty much dog eat dog. Generates huge income for governments to be able to pay for services.It can help people from lower economic backgrounds to change their situations. You are inevitably going to see extremes - the very rich and the very poor - what do we do about homeless, people who aren’t able to compete etc. Capitalism doesn’t mean right wing - the government takes a cut and it can operate in a way that is supportive of societal goals.Some definitions -

CAPITALISM - An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

SOCIALISM - a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

COMMUNISM - a theory or system of social organization in which all property is owned by the community and each person contributes and receives according to their ability and needs.

 

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