“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.

Trending on the Web
Craig Newmark

Craig Newmark

Associate Professor of Economics, North Carolina State Univ.

Related Articles

5

VIDEO: Occupy Chicago Wants to ‘Collapse American Government’

Retired Palatine teacher, Roger Fraser, who makes nearly $8,000 a month in pension benefits off the backs of the Illinois

52

Obama to Give Unions a Veto Over Where a Company Can Set Up Shop

If you own a company and want to relocate to another part of the country, Obama wants you to know

10

Occupy Chicago Sign: ‘Dear Rich Straight White Dudes, F**K Off’

Like the rest of the large cities in the US, Chicago is currently suffering with small pockets of Occupy protesters