Thank you for such a positive view of Capitalism and it’s benefits but all good systems need checks…
Elizabeth Hilliar
31

Thank you for the comment, Elizabeth. It’s nice to meet you. One of my favorite features of the capitalist system is that the scoundrels and bad actors of all sorts are checked by their competitors *and* by the regulators and law enforcement paid for by their very own taxes. As we saw in the remarkable avoidance of a worldwide Depression in 2009 — thanks to prompt boosting of the money supply by the Federal Reserve under Mr. Bernanke — the emergency systems that were built up around American capitalism worked. Slowly, unevenly, but they worked.

The tragedy of the recovery though is in the composition of the jobs that were created since. Not enough high-paying, semi-skilled jobs. Lots and lots of temporary, unskilled ones.

As to haves and have-nots, I don’t know any viable system ever created that generates equality while still permitting individual freedom. I would prefer an unequal outcome with freedom from an equal outcome without it.

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