Quotes About Capitalism

The threat to capitalism is no longer communism or fascism but a steady undermining of the trust modern societies need for growth and stability.

Socialism for the rich means the oligarchy is not held accountable. Harsh capitalism for the many means most Americans are at risk for events over which they have no control—such as the closing of factories across the Midwest or a Wall Street financial crisis—and have no safety nets to catch them if they fall.

I believe that if we dispense with mythologies that have distracted us from the reality we find ourselves in, we can make capitalism work for most of us rather than for only a relative handful.

The threat to capitalism is no longer communism or fascism but a steady undermining of the trust modern societies need for growth and stability. When most people stop believing they and their children have a fair chance to make it, the tacit social contract societies rely on for voluntary cooperation begins to unravel. In its place comes subversion, small and large—petty theft, cheating, fraud, kickbacks, corruption. Economic resources gradually shift from production to protection.

Edward G. Ryan, the chief justice of Wisconsin's Supreme Court, warned the graduating class of the state university in 1873. "The question will arise, and arise in your day, though perhaps not fully in mine, 'Which shall rule—wealth or man; which shall lead—money or intellect; who shall fill public stations—educated and patriotic free men, or the feudal serfs of corporate capital?

Capitalism's role is to enlarge the economic pie. How the slices are divided and whether they are applied to private goods like personal computers or public goods like clean air is up to society to decide. This is the role we assign to democracy.

Capitalism has become more responsive to what we want as individual purchasers of goods, but democracy has grown less responsive to what we want together as citizens

Socialism for the Rich, Harsh Capitalism for the Rest

The Sherman Antitrust Act of 1890 and its companion, the Clayton Act of 1914, were designed not only to improve economic efficiency by reducing the market power of economic giants like the railroads and oil companies but also to prevent companies from becoming so large that their political power would undermine democracy. Trustbusters during the first decades of the twentieth century tamed American industry and arguably saved capitalism from its own excesses.

Fifty years ago, when General Motors was the largest employer in America, the typical GM worker earned $35.00 an hour in today's dollars. By 2014, America's largest employer was Walmart, and the average hourly wage of Walmart workers was $11.22.

The idea of a "free market" separate and distinct from government has functioned as a useful cover for those who do not want the market mechanism fully exposed. They have had the most influence over it and would rather keep it that way. The mythology is useful precisely because it hides their power.

It had taken about two centuries for the feudal system of economy to show its superiority over the slave system, Stalin said, and about a hundred years or less for the bourgeois system to prove its superiority over feudal economy. Because technological progress had now greatly accelerated the pace of development and change, however, the socialist system of economy could advance with "giant strides" and out-perform capitalism in a much shorter period.

The capitalist elements, kulaks included, would naturally resist the offensive in all ways open to them.

Man's nature, he postulated, was to be a "free conscious producer," but so far he had not been able to express himself freely in productive activity. He had been driven to produce by need and greed, by a passion for accumulation which in the modern bourgeois age becomes accumulation of capital. His productive activity had always, therefore, been involuntary; it had been "labour.

As a result, the American Dream became extremely useful in pitches for consumer products that encourage potential purchasers to feel better about their purchases, such as a new home or a second car. In fact, ProQuest News & Newspapers shows that more than half the use of the phrase American Dream has occurred in advertisements rather than articles.

In a capitalist economy, entrepreneurs create businesses to make profits, which they earn by pleasing their customers. But in a socialist system, a bureaucrat decides which businesses can open, where they can operate, and what they can sell, and he really doesn't care what the customer thinks.

Young adults across America prefer socialism (fairness) to capitalism (selfishness).' Socialism doesn't simply equal 'fairness.' What it really equals is the abolition of private property; in a socialist economy, the government decides what will be produced, how, and for whom." -p. 13

The massive movement of people from low-productivity rural areas to cities with private industry has spurred China's development… When Communist China was governed by socialist ideologues it was an impoverished, totalitarian police state that killed tens of millions of its own people. Now that Communist China practices crony capitalism, it is a prosperous and much more restrained police state.

The young, naïve socialists who dream of socialism "from below" are caught in a conundrum. Non-state socialist communes can only work (poorly) on a small scale in an otherwise capitalist world. To replace capitalism with this system necessitates centralizing power in order to plan the economy. That ultimately results in state ownership, control, and tyranny. Society-wide socialism "from below" that doesn't entail state ownership is a contradiction in terms.

In 1988, the Chinese constitution was amended to officially recognize private property and private business. Before then, the Communist state had been China's only official employer, with small exceptions. By 1998, the state employed about 60 percent of the working population, and in 2010 it employed only about 19 percent.9 China had transitioned from socialism to a form of crony capitalism.

We can anticipate Mises's ultimate conclusion: There is no viable third system. People must choose between capitalism and socialism.

He attributed the stupidity of Conservatism to its attachment to the hereditary principle. This also explained the inefficiency of many British firms. British capitalism was dominated by third-generation men.

Keynes emphatically rejected socialism as an economic remedy for the ills of capitalism. Both classical economists and socialists, he often said, believed in the same 'laws of economics'. But whereas the former regarded them as true and inevitable, the latter saw them as true and intolerable. Keynes proposed to show they were not true.

Capitalism rests precisely on this endless expansion of wants. That is why, for all its success, it remains so unloved. It has given us wealth beyond measure, but has taken away the chief benefit of wealth: the consciousness of having enough.