in defense of capitalism

In Defense of Capitalism: The Societal Advantages of Wealth Accumulation

The economic system of a given society directly affects the inhabitants in terms of the types and amount of goods and services offered. In capitalistic societies, those with higher wealth are shown to have a higher quality of life and provide financial assistance to boost the economy, sparking the position that wealth accumulation can improve the human condition.

The wealthy have been thrashed throughout history. Even the Christian bible seems to disparage those with money, especially if they value it above all things. The general perception first described by Veblen in the late 1800s is that the wealthy class prey on the dregs of society who have, through their toil, allowed them to become wealthy. Politicians, many of whom are in the wealthy class themselves, denigrate the 1% for not doing their fair share when in effect they already pay the lion’s share of the income tax received by the IRS.

According to Thomas J. Stanley who wrote the book Millionaire Mind, millionaires have a significantly lower divorce rate, do not overspend, tend to be more religious, and contribute more to charity than their non-millionaire counterparts. For the most part, they live quietly and do not exhibit behavior that makes them stand out. They are civic-minded and neighborly.

The wealthy are sometimes seen as greedy or selfish, and while this may be true for some wealthy individuals, most of the wealthy have created wealth for other people. They are more creative, charitable, dedicated and goal-oriented than the average American.

According to Skousen, the wealthy have less incidences of crime, child abuse, neglect, and abandonment. They have better health, live longer by five to ten years.

Critics have noted that crime in general and child abuse particularly cut across all strata of society. However, involvement with the police occurs less for the wealthy because they have money to get the best legal representation. While there may be some support for this assumption, the facts are clear that all rates for crime and child abuse are exceptionally low.

Perhaps the greatest advantage of being wealthy is how they create opportunities for others. Investment in entrepreneur products boosts the economy more than any other single activity. Such economic support is not possible in a socialistic society.

A favorite argument of socialists is the unfairness of some people having more wealth than others. The underlying premise is that no one should have more than anyone else.

According to Jordan Peterson, this argument has no depth. If we applied it to all aspects of our lives, no sports team would be able to win a game because that would produce unequal outcomes, no student could be considered gifted, award ceremonies would be banded, and Nobel prizes would be unclaimed. The absurdity of this position is staggering, yet many people ascribe to it.

What a capitalistic system does do is allow for creative, hardworking, and dedicated people the freedom to achieve. Equality of outcomes is never possible and attempts to achieve this only punishes those with ambition. There is nothing systemically wrong with some people having more than others as long as every person has the same opportunity to achieve.

Dr. Varius Kojito

Dr. Varius Kojito is a philospher and researcher with a special focus in epistemology and skepticism. Having lived and researched in Japan, England, Egypt, Brazil, and the United States, Dr. Kojito is a world scholar who appreciates both the similarities and differences of humanity across cultures. Currently, his research and writing is focused on global economic systems.

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