From the Washington Post:
“(A recent) Harvard University survey, which polled young adults between ages 18 and 29, found that 51 percent of respondents do not support capitalism. Just 42 percent said they support it.”
That is a scary statistic.
Capitalism is what makes the American Dream a reality for so many hard working individuals. It is what has made America a force for good in the world.
Consider the words of John Mackey, Whole Foods co-founder, from the source linked below:
“…capitalism and business are the greatest forces for good in the world. It’s been that way for at least the last three hundred years . . . and they don’t get sufficient credit for the amazing value that they have created.”
“(Capitalism is) voluntary exchange for mutual benefit…Capitalism is ultimately people cooperating together to create value for other people, as well as for themselves.”
“Every profession has a purpose beyond maximizing profits.”
“Profit is essential in order to better fulfill your purpose…Without profits, you wouldn’t be very effective…your impact would be limited.”
“Creating profits provides the capital that our world needs to innovate and progress—no profits, then no progress. They are completely interdependent.”
“So does (capitalism) increase inequality? I suppose it’s not so much that capitalism creates inequality, as it helps people to become more prosperous, and inevitably that means that not everybody is going to rise at the same rate, but everybody ultimately rises over time…Capitalism enables people to escape from poverty and become more prosperous and wealthy and that is very good. That’s the issue that we should focus on.”
“Everyone in society is a beneficiary (from capitalism). It is what has lifted much of humanity out of poverty.”
The millennials polled in the Harvard study may have formed their opinions from events they have seen in their lifetimes, such as the financial crisis, recession, and sluggish growth throughout the Obama Administration.
But that doesn’t make the system wrong. To function properly, we must have laws enforced fairly across the board. In other words, a level playing field. Yet, at the same time, the process must be free from hampering regulations.
There will be ups and downs, but our economic system is not the problem. It’s the solution – when allowed to operate as intended.
Consider the statistics:
At the beginning of the industrial revolution, the percentage of the world population living in poverty was 94%. Because of capitalism, by which new technologies, new companies, and new jobs can be created and developed, that number had dropped to 51% by 1992. As of 2011, global population in poverty was only 17%.
A rising tide lifts all boats…
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Harvard University Poll