Disturbing poll results (conducted by YouGov) released by Victims of Communism Memorial Foundation have revealed that, as a group, more millennials prefer to live in a socialist country rather than in a capitalist one.
The declining rate of support for capitalism becomes glaringly visible along age demographics (matures: 78%; baby boomers: 66%; gen xers: 57%; millennials: 42%).
The surprising exception to the trend was found among the youngest demographic, “generation Z” whose preference to live in a capitalist society polled at 67%. While that bodes well in terms of changing future attitudes, the simple desire to live under capitalism will not make it so. The world is replete with citizens who desperately wish to live under conditions of freedom, yet that reality eludes them.
Blinded to what philosopher-novelist Ayn Rand boldly proclaimed as “the unknown ideal,” the failure to comprehend the true nature of Capitalism – as a moral system – has been the primary cause of capitalism’s decline in public acceptance.
To compound the problem, preventing the environment of freedom and capitalism that best provides for the General Welfare are competing “Public Interests” from both business and labor who lobby to get special market favors and privileges from politicians. In turn, those “public representatives” expect and get political campaign contributions and votes.
Thus the ideal economic condition that is capitalism – a marketplace free from the intervention and coercion of electoral interests – continually fails to materialize. Worse, the “crony” relationship between politicians and the targeted interests in whose favor they legislate, falsely comes to be seen as the system known as capitalism.
Those few voices who do speak out in defense of capitalism sadly tend to restrict themselves to economic arguments – citing capitalism’s particularly unique record of wealth creation and prosperity unrivaled by any other economic system. While all these claims are valid and true, they do not a convincing argument make. For that, a moral approach is required.
The war against capitalism continues unabated, and there is a need for more voices able – and willing – to defend capitalism on principle: the principle of Consent.
Only then will more come to realize that when it comes to promoting and ensuring the General Welfare, Capitalism is, as always, Just Right.