“An Audacious Promise: The Moral Case for Capitalism”


James R. Otteson:

Even if we do not all get rich at the same rate, we all still get richer. To see the importance of this point, ask yourself: If you could solve only one social ill–either inequality or poverty–which would it be? Or suppose that the only way to address poverty would be to allow inequality: Would you allow it? This seems a no-brainer: poverty is a far larger factor in human misery than is inequality. If we could have steadily fewer people suffering from grinding poverty, is that not something to wish for, even if it comes with inequality? This appears to be the position in which we find ourselves. The only way we have discovered to raise people out of poverty is the institutions of capitalism, and those institutions allow inequality. Keeping people in poverty seems too high a price to pay in the service of equality. One is tempted to say that only a person who has never experienced poverty could think differently.

Craig Newmark

Craig Newmark

Associate Professor of Economics, North Carolina State Univ.

Related Articles

0

Anti-American Man Dressed as Santa Berates Shoppers as ‘Parasites’

Apparently Mark Dice gets his jollies berating Americans. That’s why he dressed as Santa and drove around California’s shopping malls

27

CNBC Declares Texas Top State For Business 2012

Is anyone shocked in the least? (CNBC) Texas has done it again. The Lone Star State makes a triumphant return

43

GM Exec: Reporting GM’s Failures Hurts… Republicans?

In an odd turn of events, former GM Vice Chairman Bob Lutz thinks that anyone that criticizes GM is not