On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss maintaining a balanced approach to free trade before introducing Dr. Charles N. Steele.

Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity. 

Trade allows men who specialize in the production of one good to exchange with men who specialize in the production of another. This increases total production and wealth.

Discover the beauty of the Bible in “The Genesis Story,” encounter the brilliance of Plato and Aristotle in “Introduction to Western Philosophy,” and explore the true meaning of America in “Constitution 101” all with Hillsdale faculty. 

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