Free market capitalism has lifted more people out of poverty, made more lives better than any other manner for ordering society.
Dan Sanchez provides insights into Ludwig Von Mises, a champion in defense of the moral virtue of capitalism and free market principles. He addresses four key distinguishing features of capitalism as outlined by Mises:
- Dynamic Production – Under what Mises called “capitalistic principles of production,” feudal productive rigidity [the state of society prior to the Industrial Revolution] is replaced by productive flexibility and free entry [by free people]. There are no legal privileges protecting anyone’s place in the system of production. Production, formerly adrift in the standing water of feudalistic stagnation, sets sail under capitalistic dynamism, driven by the bracing winds of competition. —- Individuals with voluntary free choice were unleashed.
- Consumer Sovereignty – When producers vie with each other to better serve customers, they unavoidably act more and more like devoted servants of those customers. This is true of even the biggest and wealthiest producers. Thus, with capitalism, it is the consumers who hold ultimate sway over all Mises referred to this fundamental characteristic of capitalism as, speaking figuratively, consumer sovereignty. –— We the people control production as consumers through our voluntary choices
- Mass Production for the Masses – the main route to becoming one of those few wealthy consumers of extraordinary means is through mass producing wares that cater to the masses of consumers of ordinary means. Mises says: “Big business, the target of the most fanatic attacks by the so-called leftists, produces almost exclusively to satisfy the wants of the masses. Enterprises producing luxury goods solely for the well-to-do can never attain the magnitude of big businesses.” With capitalism, the working people really do hold ultimate sway over the means of production. They just don’t do it in their role as workers, but in their role as consumers. They exert their sway in checkout aisles and website shopping carts, and not in the halls of labor unions —– Almost all that are wealthy became so by serving the mass of consumers, not other wealthy elites
- Prosperity for the People – Capitalism not only empowers the working person, but uplifts him. Capitalism, as its name implies, is characterized by capital investment, which was the solution to the crisis of how the marginal millions of the eighteenth-century … were [able] to integrate into the economy and survive [at the start of the Industrial Revolution]. Labor alone cannot produce; it needs to be applied to complementary material resources. Capitalism not only saves lives, but it vastly improves them. Capital accumulation means ever growing labor productivity, which in turn means ever rising real wages for the worker. These higher wages are the conduits through which workers acquire the purchasing power that crowns them with consumer sovereignty. —- capitalism is the most moral, the most just path because it relies on free individuals making voluntary choices, as workers and consumers absent government or anyone’s control
Mises states: “There is no Western, capitalistic country in which the conditions of the masses have not improved in an unprecedented way” and correctly points out “[Capitalism] has, within a comparatively short time, transformed the whole world.”
Factually, free market capitalism has lifted more people out of poverty, made more lives better than any other manner for ordering society. It is the moral solution compared to all others.
Do not allow the statist to suggest otherwise.
Full article can be found here: https://mises.org/library/mises-four-easy-pieces?platform=hootsuite