This document outlines and responds to the top ten arguments commonly made against capitalism. It begins by defining capitalism as a system with private property, limited government, and economic freedom. It then lists the top ten arguments as: labor exploitation, economic inequality, unsafe products, pollution, monopolies, discrimination, poverty, unequal access based on location, irresponsible behavior, and instability. For each argument, it provides a concise response explaining why capitalism does not necessarily lead to the negative outcome described. The document concludes by listing recommended literature on capitalism and potential arguments against the welfare state.
Sound Public Policies. Political economic digest series - 7Akash Shrestha
In this series, we’ll be discussing about the principles of of sound public policies and their role in economic progress.
Public policy can be generally defined as the course of action or inaction taken by governmental entities (the decisions of government) with regard to a particular issue or set of issues.
Public policies determine to a large extent how a country or an economy functions. In context of Nepal,
we keep hearing either how bad policies are ruining our country or that even though our policies are
good, it is the lack of proper implementation that’s hampering our progress. Included in the readings is
an article entitled “7 principles of sound public policy” and as well as a satirical article on how to achieve poverty. We hope after this series, you will be able to analyze the policies of our government and their implication of our economic growth.
Sound Public Policies. Political economic digest series - 7Akash Shrestha
In this series, we’ll be discussing about the principles of of sound public policies and their role in economic progress.
Public policy can be generally defined as the course of action or inaction taken by governmental entities (the decisions of government) with regard to a particular issue or set of issues.
Public policies determine to a large extent how a country or an economy functions. In context of Nepal,
we keep hearing either how bad policies are ruining our country or that even though our policies are
good, it is the lack of proper implementation that’s hampering our progress. Included in the readings is
an article entitled “7 principles of sound public policy” and as well as a satirical article on how to achieve poverty. We hope after this series, you will be able to analyze the policies of our government and their implication of our economic growth.
Document #1 History of the Economic Systems and TheoriesCDustiBuckner14
Document #1: History of the Economic Systems and Theories
Capitalism
Capitalism is an economic system that emphasizes private ownership of the factors of
production, freedom of choice, and individual incentives. These freedoms and
incentives apply to workers, investors, consumers, and business owners. In pure
capitalism, the government does not interfere with the economy—the wages of workers,
the prices of goods, what producers can make, the ways that businesses make or sell
their goods and services, or any other regulations. Capitalism assumes that the best
way to serve society is to let people produce, sell, and buy as they wish.
The goal of capitalism is to create what is called a free market. In economic terms, a
market is not literally just a market like a grocery store. A market or marketplace is
wherever all sorts of goods and services can be sold and bought. In a free market or
free enterprise economy like that under capitalism, the government places no limits on
the freedom of buyers and sellers to make their economic decisions.
Origins of Capitalism
The basic theories about capitalism and free trade come from Adam Smith. Smith was a
Scottish philosopher and economist who lived in the 1700s. In his famous book The
Wealth of Nations, Smith suggested the government take a laissez-faire approach to the
economy. Laissez-faire is a French term meaning “to let alone.” Smith thought the
forces of the marketplace would act as an “invisible hand” guiding economic choices for
the best possible results.
Competition plays a key role in a free-enterprise or free-market economy because
sellers compete for resources to produce goods and services at the most reasonable
price. If they are successful, they make more money. At the same time, consumers
compete over limited products to buy what they want and need. Finally, these same
consumers, now in their role as workers, compete to sell their skills and labor for the
best wages or salaries they can get.
Pure capitalism has five characteristics: private ownership and control of property and
economic resources, free enterprise, competition, freedom of choice, and the possibility
of profits.
Free Enterprise in the United States
A true and total capitalist system does not exist in reality. The United States, however, is
a leading example of a capitalist system in which the government plays a role. Our
society is deeply rooted in the value of individual initiative—that each person knows
what is best for himself or herself. We also respect the rights of all persons to own
private property. Finally, our society recognizes individual freedom, including the
freedom to make economic choices. However, because the U.S. government also
regulates many aspects of the economy, it does not have a purely capitalistic economy.
Mixed Economies
Economists describe the economies in the United States and many other nations as
mixed economies. Mixed economies combine elements of capitalism and socialism.
Mexico is ano ...
The republicans opportunity to restore americaMary Lee Harsha
This PDF was written by Craig Biddle at The Objective Standard. Craig gave me permission to spread it far and wide. It addresses what the Republicans need to know if they are going to restore America.
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
More Related Content
Similar to Top ten arguments against capitalism and how one can answer them
Document #1 History of the Economic Systems and TheoriesCDustiBuckner14
Document #1: History of the Economic Systems and Theories
Capitalism
Capitalism is an economic system that emphasizes private ownership of the factors of
production, freedom of choice, and individual incentives. These freedoms and
incentives apply to workers, investors, consumers, and business owners. In pure
capitalism, the government does not interfere with the economy—the wages of workers,
the prices of goods, what producers can make, the ways that businesses make or sell
their goods and services, or any other regulations. Capitalism assumes that the best
way to serve society is to let people produce, sell, and buy as they wish.
The goal of capitalism is to create what is called a free market. In economic terms, a
market is not literally just a market like a grocery store. A market or marketplace is
wherever all sorts of goods and services can be sold and bought. In a free market or
free enterprise economy like that under capitalism, the government places no limits on
the freedom of buyers and sellers to make their economic decisions.
Origins of Capitalism
The basic theories about capitalism and free trade come from Adam Smith. Smith was a
Scottish philosopher and economist who lived in the 1700s. In his famous book The
Wealth of Nations, Smith suggested the government take a laissez-faire approach to the
economy. Laissez-faire is a French term meaning “to let alone.” Smith thought the
forces of the marketplace would act as an “invisible hand” guiding economic choices for
the best possible results.
Competition plays a key role in a free-enterprise or free-market economy because
sellers compete for resources to produce goods and services at the most reasonable
price. If they are successful, they make more money. At the same time, consumers
compete over limited products to buy what they want and need. Finally, these same
consumers, now in their role as workers, compete to sell their skills and labor for the
best wages or salaries they can get.
Pure capitalism has five characteristics: private ownership and control of property and
economic resources, free enterprise, competition, freedom of choice, and the possibility
of profits.
Free Enterprise in the United States
A true and total capitalist system does not exist in reality. The United States, however, is
a leading example of a capitalist system in which the government plays a role. Our
society is deeply rooted in the value of individual initiative—that each person knows
what is best for himself or herself. We also respect the rights of all persons to own
private property. Finally, our society recognizes individual freedom, including the
freedom to make economic choices. However, because the U.S. government also
regulates many aspects of the economy, it does not have a purely capitalistic economy.
Mixed Economies
Economists describe the economies in the United States and many other nations as
mixed economies. Mixed economies combine elements of capitalism and socialism.
Mexico is ano ...
The republicans opportunity to restore americaMary Lee Harsha
This PDF was written by Craig Biddle at The Objective Standard. Craig gave me permission to spread it far and wide. It addresses what the Republicans need to know if they are going to restore America.
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
Do Linguistics Still Matter in the Age of Large Language Models.pptx
Top ten arguments against capitalism and how one can answer them
1. TOP TEN ARGUMENTS AGAINST
CAPITALISM AND HOW ONE CAN
ANSWER THEM
Martin F. Johansen (PhD Student at UIO)
1
2. Goal of this talk
A 45 minutes talk cannot, and should not, convince
anybody on such a complicated topic
Those who are interested can find more complete
arguments in the books that are listed on the last slide
The full understanding of the theoretical and practical
case for capitalism requires years of study
Those who advocate the welfare state should adopt the
same standard! There is no reason to think that it is
easier to understand the welfare state than to
understand capitalism
2
3. Discussions
An argument is put forth in a discussion
A discussion involves two (or more) people who want to
identify a truth
If two people come to an agreement, and if they are
right, they are both winners: one has learned that he
was wrong, the other has convinced the other.
The world is round.
No, the world is flat.
3
4. Discussions
But often, identifying truth is not the goal.
Sometimes, it is possible to obtain agreement by using
fallacies.
Coming to an agreement using a fallacy has two losers.
One still believes a falsehood, the other was convinced
of something without sufficient reasons.
Common logical fallacies are “straw man”, “argument
from popularity”, “argument from authority”The world is round.
No, the world is flat.
4
5. Discussions
Straw man example
“The US has a worse health care system than Norway;
therefore, capitalism would give us a worse health care
system”
The best way to counter a straw man is to identify what
something really is.
In capitalism there are no public hospitals, and this is not the
case in the US
Therefore, the US’s political system is NOT capitalism;
therefore the conclusion is wrong.
5
6. What is capitalism
All property is privately owned
The government is there to protect individual rights
To ban initiation of force in human relationships
Three primary parts
The police, to protect against domestic use of force
The military, to protect against foreign use of force
The courts, to resolve disputes among men without using
force
Complete equality before the law
6
7. What is capitalism
A complete separation between religion and state and
economy and state
Religious freedom
Economic freedom
Freedom of speech
A night watchman state and not a nanny state
A night watchman is someone you call if there is a problem
A nanny is someone who constantly watches and interferes
with all your actions
7
8. What is capitalism
A constitutional republic
Constitution: A definition of what the government can and
cannot do
The people elect the president and the congress
The congress can make laws
The president can ensure that the laws are enforced
The supreme courts decide if a law is constitutional
Separation of powers – invented by Montesquieu
The only power individuals can have is economic power
Political power is reserved for the government and thus
limited by the constitution
8
9. What is capitalism
Hospitals and schools are private
The government does not seize money in order to give
to the people
The money you make, you keep
Money will be issued by private banks – no central bank
Hang up a name-sign on your door and you have
started a company
If you are in need, you ask for help from others
Individuals will take up insurance to protect against
unforeseen accidents
9
10. Arguments against capitalism
the top ten arguments
no particular order
you will probably have heard them before
if your favorite one is not here, we can take it in the
Q&A period
10
11. Labor exploitation
Under capitalism, employers will exploit their workers
by giving them low wages, long hours and bad working
conditions
To exploit is to force, force is not allowed between people in
a capitalist system, it is the primary role of government to
protect against the use of force!
Workers can simply change jobs
Good pay, normal hours and good working condition will
attract the best workers
“Beggars are not choosers” – a motivation for you to take
your education seriously
11
12. Economic inequalities
Under capitalism, the gap between the rich and the
poor will increase.
Is it better if the poor has $1 and the rich $10 than if the
poor has $10.000 and the rich $500.000? Clearly not.
This is not a problem: economic difference is not an
indication of quality of life.
One person’s wealth does not affect another person’s.
The rich get rich by production, and not from stealing from the
poor.
12
13. Unsafe food and medicine
Under capitalism, we will get unsafe food and medicine
because greedy businessmen will try to make quick
profits without caring about the safety of their
customers and because there are no government
organization to certify food and medicine.
It is not profitable to poison or kill your customers.
If you misrepresent what you are selling, you will be sued.
Goodwill is worth a lot, greedy businessmen wants goodwill.
New businesses will have to build up trust over a long time.
The slightest mistake will cause the media to go berserk, and
they have to start a long process to rebuild their reputation.
Private certification
13
14. Pollution
Under capitalism, greedy businessmen will pollute
rivers, forests and the air we breath.
You will only be allowed to pollute your own property, and
that reduces its value, which is not greedy
all property is privately owned
stopping global warming requires voluntary cooperation
14
15. Monopolies
Under capitalism, companies that become monopolies
will be able to keep prices high and restrict competition
by lowering prices or taking over other companies.
A monopoly is a company with exclusive rights to operate in
a market – the government can only protect individual
rights, and not grant such right to any company.
Keep prices high by keeping prices low? Either they are high
or low.
One is free to deny being taken over.
If a company has 99% of the market, and the customers
only wants stuff from that company, then what is the
problem?
15
16. Discrimination
Under capitalism, people are free to discriminate
based on handicap, gender, viewpoints or skin color.
A consequence of the principle hat human relations are
voluntary.
People are responsible for their own actions and choices.
Since difference in gender and skin color does not matter, it
will not be profitable to act as if they do.
There is legitimate reasons to not hire an anarchist as a
watchman or a communist as a factory manager.
16
17. The poor
Under capitalism, some will be so poor that they cannot
go to school or get the healthcare they need.
This may also be problem in the welfare state. The welfare
state only guarantees these things as long as there is wealth
to tax.
Making it easy to produce goods and services is the best
guarantee of making them widely available.
There will be charity available for those who simply cannot
afford it.
17
18. The countryside
Under capitalism, people cannot get the same offers if
they live on the country side than if they live in the city.
True, but that is their problem, and not the problem of those
who do not want it.
It is a feature and not a problem of capitalism that people
get only what they are willing to pay for.
18
19. Irresponsible behavior
Under capitalism, people will do stupid things such as
taking narcotics, gambling away their money and
medicate themselves wrongly, because there is no
restrictions on these things.
People do not stick a knife in their eye just because it is
legal.
Who are to decide what should be illegal?
In the welfare state, the very people who, assumedly, are so
stupid they cannot take care of themselves.
You are the best person to decide what is good for you.
19
20. Instability
Under capitalism, society will be unstable because
businessmen will do anything in search to satisfy their
own short sighted greed.
Swindling is illegal
The government does not have unlimited power
Changes are more predictable
One is free to trade with anyone one likes – do not trade
with people with a dishonest agenda.
Being short sighted gives you a bad reputation and low
economic power
Your ability to affect anything goes down.
20
21. Top ten arguments against capitalism
1. Labor exploitation
2. Economic difference
3. Unsafe food and medicine
4. Pollution
5. Monopolies
6. Discrimination
7. The poor
8. The countryside
9. Irresponsible behavior
10. Instability
21
22. Literature
Ayn Rand
Capitalism: the unknown ideal
Atlas Shrugged
George Reisman
Capitalism
Vegard Martinsen
Frihet, likhet, brorskap:
Kapitalisme i teori og praksis
Jean-Baptiste Say
A treatise on political economy
22
23. Arguments against the welfare state
How do you explain to a person who has never done
anything wrong that he has to pay for the
irresponsibility of another person?
What can a person do if the government is forcing him
to act against his best judgment? (if he disagrees with
the majority)
How can rewarding bad actions and punishing good
actions help promote good actions?
Which principle delimits the welfare state? (unless we
have this, the government will expand without limits)
23