4 Common Capitalism Myths Debunked

"In my teaching, I have encountered several myths or misperceptions about capitalism from students as well as individuals outside the classroom. Dispelling these myths has become a focus of much of my teaching. Myth #1: Capitalism Was 'Created'" Intellectual Takeout

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josh p's picture

Good article. For an example of point 2, check out the doing business report. 

Bert Perry's picture

I'm not totally against "this is what capitalism is not", but it strikes me that perhaps even more powerful might be to note what capitalism is; it is a simple set of principles for dealing with the laws of economics and human nature.   You can design your governmental system to work with these if you want good results, or you can ignore these principles if you want widespread poverty.

Aspiring to be a stick in the mud.

dgszweda's picture

What we are starting to see is some forms of state capitalism (China, Singapore...) that are starting to show signs of success.  It will be interesting to see how these proceeds.

Bert Perry's picture

The original state capitalism would be Japan, no?  

That noted, "state capitalism" in Singapore/Japan is very different from that in China.  The former have true religious freedom and meaningful elections, for starters.  Also worth noting is that Singapore has progressed from a dictatorship--really exactly what I hope and pray for for China.  (same thing with Taiwan and South Korea, really)

Overall, my thought is that "state capitalism" will, at its best state, progress to a real republic unless its leaders decide they're going to hold on to power at all costs--at which point it also ceases being "state capitalism" and ends up as a simple dictatorship/communism.

Aspiring to be a stick in the mud.