Capitalism as an ‘unknown ideal’ continues to be demonstrated in our popular media and discussion shows daily. Common fallacies about both capitalism and variant forms of socialism persist.
Two recent on-line discussions featuring well-known personalities – one between Russell Brand and Candace Owens, and another between Ben Shapiro and Tucker Carlson – provided perfect samplings of how both those on the ‘left’ and ‘right’ share many of the same anti-capitalistic sentiments. These myths demand a response because when acted upon, undesirable consequences arise for all of us.
‘Capitalism’ has become the word used to describe the economic condition that arises in a political and social environment of freedom. It is the ‘economic dimension’ of freedom and is only made possible when freedom’s other dimensions are in place.
Unfortunately, the word ‘capitalism’ was effectively created by Karl Marx so as to turn the idea of capitalism into a ‘political’ concept, which, unlike socialism, it is not. Whereas capitalism operates on the economic principle of supply and demand (under freedom), socialism operates by fiat.