Quotes on Capitalism

Pro, Con, and Mixed

I have long been of two minds about capitalism versus socialism, and not surprisingly have ended up a mushy moderate. At the end of this article, I’ll flesh that out a bit, but first, here are what I believe are trenchant pro-capitalism, anti-capitalism, and mixed quotes.

Pro-capitalist

In practice, socialism didn’t work. But socialism could never have worked because it is based on false premises about human psychology and society, and gross ignorance of human economy. In the vast library of socialist theory (and in all of Marx’s compendious works), there is hardly a chapter devoted to the creation of wealth, to what will cause human beings to work and to innovate, or to what will make their efforts efficient. Socialism is a plan of morally sanctioned theft. It is about dividing up what others have created. Consequently, socialist economies don’t work; they create poverty instead of wealth. This is unarguable historical fact now, but that has not prompted the left to have second thoughts. — David Horowitz

America’s abundance was created not by public sacrifices to ‘the common good,’ but by the productive genius of free men (and women) who pursued their own personal interests and the making of their own private fortunes. They did not starve the people to pay for America’s industrialization. They gave the people better jobs, higher wages and cheaper goods with every new machine they invented, with every scientific discovery or technological advance — and thus the whole country was moving forward and profiting, not suffering, every step of the way. — Ayn Rand

Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system. ― Milton Friedman

The story of Detroit’s bankruptcy was simple enough: Allow capitalism to grow the city, campaign against income inequality, tax the job creators until they flee, increase government spending in order to boost employment, promise generous pension plans to keep people voting for failure. Rinse, wash, and repeat. — Ben Shapiro

The great and abiding lesson of American history, particularly the cold war, is that the engine of capitalism, the individual, is mightier than any collective. — Rand Paul

As we’ve learned from countless examples throughout history, including now Venezuela, the main difference between capitalism and socialism is this: Capitalism works. — Mark J. Perry:

Capitalism — for the record — has lifted more people out of poverty than any other economic system in the world. — Trish Regan

Capitalism has its weaknesses. But it is capitalism that ended the stranglehold of the hereditary aristocracies, raised the standard of living for most of the world and enabled the emancipation of women. — Camille Paglia

Capitalism historically has been a very dynamic force, and behind that force is technical progress, innovation, new ideas, new products, new technologies, and new methods of managing teams. — Manmohan Singh

Capitalism is a dirty word for many intellectuals, but there are a number of studies showing that open economies and free trade are negatively correlated with genocide and war. — Steven Pinker

Anti-capitalist

With this system (capitalism), a small privileged few are rich beyond conscience, and almost all others are doomed to be poor at some level. That’s the way the system works. And since we know that the system will not change the rules, we are going to have to change the system. — Martin Luther King, Jr.

Capitalism is an organized system to guarantee that greed becomes the primary force of our economic system and allows the few at the top to get very wealthy and has the rest of us riding around thinking we can be that way, too — if we just work hard enough, sell enough Tupperware and Amway products, we can get a pink Cadillac. — Michael Moore

If you ask the CEO of some major corporation what he does he will say, in all honesty, that he is slaving 20 hours a day to provide his customers with the best goods or services he can and creating the best possible working conditions for his employees. But then you take a look at what the corporation does, the effect of its legal structure, the vast inequalities in pay and conditions, and you see the reality is something far different.
― Noam Chomsky

The country is governed for the richest, for the corporations, the bankers, the land speculators, and for the exploiters of labor. The majority of mankind are working people. So long as their fair demands — the ownership and control of their livelihoods — are set at naught, we can have neither men’s rights nor women’s rights. The majority of mankind is ground down by industrial oppression in order that the small remnant may live in ease.” ― Helen Keller

The essence of capitalism is to turn nature into commodities and commodities into capital. The live green earth is transformed into dead gold bricks, with luxury items for the few and toxic slag heaps for the many. The glittering mansion overlooks a vast sprawl of shanty towns, wherein a desperate, demoralized humanity is kept in line with drugs, television, and armed force. ― Michael Parenti

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn’t deliver the goods. — John Maynard Keynes

It’s the aspirations that capitalism is promoting as beautiful, positive attributes that are dangerous. All that is in the bedrooms of the poor and in the villages of the Third World, and it’s like a cruel carrot that’s being waved in front of people’s noses. It’s a seduction, an unattainable dream. — John Hillcoat

The trouble with capitalism as a system is that only those who have or can get capital can make it work for them, and that leaves out damn near all of us. — Molly Ivins

My perspective on capitalism growing up in Berkeley. in a low-income project, growing up poor, is that capitalism wanted to destroy me, they wanted me to become a worker. — Lil B

The Master said, “If your conduct is determined solely by considerations of profit you will arouse great resentment.” ― Confucius

The superior man understands what is right; the inferior man understands what will sell. ― Confucius

Capitalism is working to produce more money but does not see the people. This problem is getting worse across the world. — Lech Walesa

Capitalism is an evil, and you cannot regulate evil. You have to eliminate it and replace it with something that is good for all people and that something is democracy. — Michael Moore

I am going to fight capitalism even if it kills me. It is wrong that people like you should be comfortable and well fed while all around you people are starving. — Sylvia Pankhurst

Mixed views

Most previous ethical systems presented people with a pretty tough deal. They were promised paradise but only if they cultivated compassion and tolerance, overcame craving and anger, and restrained their selfish interests. This was too tough for most. The history of ethics is a sad tale of wonderful ideals that nobody can live up to. Most Christians did not imitate Christ, most Buddhists failed to follow Buddha, and most Confucians would have caused Confucius a temper tantrum. In contrast, most people today successfully live up to the capitalist–consumerist ideal. The new ethic promises paradise on condition that the rich remain greedy and spend their time making more money and that the masses give free rein to their cravings and passions and buy more and more.
― Yuval Noah Harari

I call crony capitalism, where you take money from successful small businesses, spend it in Washington on favored industries, on favored individuals, picking winners and losers in the economy, that’s not pro-growth economics. That’s not entrepreneurial economics. That’s not helping small businesses. That’s cronyism, that’s corporate welfare. — Paul Ryan

Today’s consumers are eager to become loyal fans of companies that respect purposeful capitalism. They are not opposed to companies making a profit; indeed, they may even be investors in these companies — but at the core, they want more empathic, enlightened corporations that seek a balance between profit and purpose. — Simon Mainwaring

One always has to worry when capitalism has a role in health care. If you’re just using health care to make money, you will treat the wrong diseases. Capitalism has its limits. There is a role for governments, and this is one where they should be involved. — Richard J. Roberts

Operating under the conscious capitalism model will show that businesses are the true value creators that can push all of humanity upward for continuous improvement. — John Mackey

‘Some argue shareholder capitalism has proven more efficient. It has moved economic resources to where they’re most productive, and thereby enabled the economy to grow faster. — Robert Reich

My position. Throughout history and across the world, it’s clear that to get the necessary broad participation in the economy, incentives must be offered: the capitalistic “We’ll pay you more based on the difficulty, rarity, and quality of what you do.” The promise isn’t always kept, but is often enough.

That said, some people in a capitalist economy will lose in the competition for decent jobs, so we do need progressive taxation to ensure a basic safety net. I define that as basic health care but not as good as for those who pay into the system. Basic housing is like that that college students get, but not the “low-income” housing being built in middle-class areas that are similar to the homes people paid full-market price for. There also need be a cash allowance to allow basic food, transportation, etc.

I wish I could count on the more efficient private sector to handle that but I’m insufficiently confident that’s the case. So, although I’m a small-government advocate, I believe the safety net need be a blend of private-sector efforts, voluntarism, and the government.

So, what do you think?

I read this aloud on YouTube.