“An Audacious Promise: The Moral Case for Capitalism”


James R. Otteson:

Even if we do not all get rich at the same rate, we all still get richer. To see the importance of this point, ask yourself: If you could solve only one social ill–either inequality or poverty–which would it be? Or suppose that the only way to address poverty would be to allow inequality: Would you allow it? This seems a no-brainer: poverty is a far larger factor in human misery than is inequality. If we could have steadily fewer people suffering from grinding poverty, is that not something to wish for, even if it comes with inequality? This appears to be the position in which we find ourselves. The only way we have discovered to raise people out of poverty is the institutions of capitalism, and those institutions allow inequality. Keeping people in poverty seems too high a price to pay in the service of equality. One is tempted to say that only a person who has never experienced poverty could think differently.

Also see,

Craig Newmark

Craig Newmark

Associate Professor of Economics, North Carolina State Univ.

Related Articles

3

Soft Drink Mountain Dew Pulls Ad Over Charges of Racism

PepsiCo, Inc, owners of Mountain Dew soda, has pulled an online video ad after viewers complained of its use of

5

Don’t Censor the Internet! STOP the Combating Online Infringement and Counterfeits Act

The politicians are at it again. They never cease to amaze for their constantly revolving attempts to take over complete

95

The Biggest Legalized Theft of Middle Class American Wealth

Almost no one is talking about the most serious financial catastrophe taking place in the U.S. today. Instead everyone is