Always clear, rational and logical. Great piece this week by Jaana on profitableandmoral.com .
Why is capitalism not appreciated? This is the theme of Peter Foster’s new book: Why we bite the invisible hand: The psychology of anti-capitalism. I am yet to read it, but I did read a review in this weekend’s National Post. The reviewer, Robert Fulford, writes: “Free enterprise has enriched millions of lives, but that’s a hard fact to grasp.” He goes on to state: “Capitalism depends on genius, luck, inspiration and an acquisitive spirit. It’s unsystematic, chaotic, erratic and (as its enemies love to point out) unfair. It’s good because it works, not because it’s flawless.”
Besides his first sentence about free enterprise, Fulford’s characterization of capitalism is inaccurate and non-essential and therefore worth analyzing here. No wonder people don’t grasp capitalism’s benefits when intellectuals and journalists don’t understand capitalism and cannot explain it. Let’s consider the first sentence of Fulford’s characterization: “Capitalism depends on genius, luck, inspiration and…
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