Quote from SomeYoungGuy:
The part about the free market and capitalism that hasn't been discussed is opportunity.
Gates had all the factors going for him, not just right place / right time. He had wealthy, supportive parents. He had an excellent education. He was born with far above average intelligence and ambition. He had friends and acquaintences with the right knowledge and connections to further his success. He lived in a rich area of a rich country, surrounded by people that had the time for lofty pursuits, not living in fear of revolution or dysentary.
Take away any one, a few, or even most of those factors, and Gates would still be of a success. Not the wealthiest man in the world perhaps, but still doing a lot better than Joe Sixpack.
But he had opportunity. The opportunity to follow his dream. Without a free market and capitalism, what could he have accomplished?
Capitalism doesn't insure that you will reach great heights. Not all of us will be able to become above average. But it does provide is with the opportunity.
This is the rallying cry of capitalists: "Opportunity." Now i'd like to raise some both rhetorical and otherwise questions.
1. What fraction of the US is rich, via opportunity, by any reasonable definition of "rich"?
2. At what price does opportunity come, and is it worth it?
3. What is the percent of "rich" people. by the same definition as in question 1. are there in typical socialist countries with standards of living comparable to those in the US? For example: England, Sweden, Norway, and to what extent does Capitalism as practiced in the US produce more "rich" people than do these socialist countries?
And finally,
4. While opportunity to make large amounts of money may prove to be greater in the US than in socialist countries, what does that opportunity consist of other than the opportunity to make an exceptionally large amount of money? Is there any difference in the amount of personal freedom enjoyed by citizens of Capitalist countries versus Socialist Countries? What is the relative size of the "middle class" in Capitalist versus Socialist countries?
Honest answers to these questions using the best data available might be a surprise to many US citizens, even though some of these questions are completely subjective.
To paraphrase Gore Vidal, "Conventional Wisdom is almost always wrong." That surely is an exaggeration, but it is worth thinking about.
I used to champion Capitalism. But that was before I understood its definition, and gave it any thought. Now I am no longer so sure.
