This article argues that greed, often demonized, is actually the driving force behind progress and a better world. It cites examples of entrepreneurship, market efficiency, and the decline of poverty as evidence of capitalism's success.
Sen. Bernie Sanders questions Linda McMahon, President Donald Trump's nominee for Secretary of Education, during a committee hearing on her nomination on Feb. 13.When some Florida businesses raised prices in response to sudden demand during a crisis , state Attorney General Pam Bondi called that “sickening .
. . disgusting . . . unacceptable!”Sen. Josh Hawley attacks airline CEOs for charging different people different prices. “You make it clear,” he sneered. “Money is your bottom line.”Sadly, big shots trained as lawyers rarely understand the principles that make capitalism work so well. “The only way you can make money in business is by providing customers with value!” says Yaron Brook, head of the Ayn Rand Institute. “The biggest problem we have in our culture is this perception that when you pursue your own self-interest, you are somehow a villain . . . it’s why socialism is still viewed as morally noble, capitalism as evil and bad.”Ayn Rand was a philosopher who understood that others get richer because entrepreneurs pursue profit. Intellectuals hate her for saying that.HBO’s John Oliver joked, “Ayn Rand became famous for her philosophy of objectivism, which is a nice way of saying, being a selfish a–hole.”It’s just following “your rational, long term, self-interest . . . Her philosophy is smeared because it goes against 2,000 years of philosophy that tells us that the purpose of life and morality is to suffer and sacrifice.” I wish politicians understood that entrepreneurial greed is why we have iPhones, refrigerators, cars that usually work, supermarkets that stay open all night, and many of the things that make our lives better.California promised high-speed commuter rail service. Seventeen years, and billions of tax dollars later, no trains. But in just three years, a “selfish” private company, Brightline, built a train line that carries commuters and tourists from Miami to Orlando. At no cost to taxpayers.The price of TVs has fallen 97% since 1998.Pursuit of profit even fought racial discrimination. When some Southern states’ Jim Crow laws imposed segregation, some greedy companies resisted the rules. One bus company even sued to end Jim Crow. Economist Thomas Sowell noted, “Only whites could vote, but whites and blacks could both supply money.”into your restaurant . . . In a true marketplace, discrimination can exist, but it doesn’t exist for long.”“Imagine,” says Brook, “going to the woman you’re going to marry and saying, ‘I’m not doing this for me. This is a massive sacrifice.’ She would slap you in the face, as she should. I love my wife for self-interested reasons.”For thousands of years, most people tried to survive on the equivalent of less than $2 a day. Fifty years ago, thanks to capitalism, just 35% did. Now it’s just 9%.Quietly, capitalism, harnessing individuals’ greed, makes the world a better place. John Stossel is the author of “Give Me a Break: How I Exposed Hucksters, Cheats, and Scam Artists and Became the Scourge of the Liberal Media.”JPMorgan analyst fired after publicly questioning CEO Jamie Dimon's return-to-office policy -- then rehired: report 7 NYC Catholic schools announce in past month alone they are closing -- as experts blame skyrocketing tuition, loss of religion Lorne Michaels shut down Taylor Swift when she asked him to cut 'SNL' sketch about her: 'I do not negotiate with terrorists' 7 NYC Catholic schools announce in past month alone they are closing -- as experts blame skyrocketing tuition, loss of religion
CAPITALISM GREED ENTREPRENEURSHIP ECONOMIC GROWTH SOCIAL PROGRESS
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