by Terresa Monroe-Hamilton | July 25, 2017 11:52 am
Dr. Yaron Brook is one of my favorite people in the whole world. He heads up the Ayn Rand Institute and he is one of the smartest, most passionate intellects out there. He also has an MBA and a Ph.D. in finance and he does not suffer fools well. Some smug airhead student confronted him on capitalism recently. Probably some moronic argument that the poor should be paid the same wages as everyone else whether they earn it or not. York let loose on this kid and destroyed him. It was a thing of beauty to watch. Sniff.
The good professor correctly points out that if the Chinese make two dollars a day, it is a massive improvement in their lives. And many will hone their skills and lives improve. And as the market improves, pay improves as do jobs. But if you skip all the steps that build up that situation, then you are condemning these people to utter poverty forever. Because unless they can earn the money and improve, they won’t advance. And unless there is a call for what they do, there will be no jobs to attain. And if you charge too much for items, they will not be bought… it’s all connected. Capitalism has saved millions on this planet and has given them good, cushy lives. Communism has killed millions and keeps humans in squalor.
From the Independent Review Journal:
Dr. Yaron Brook, an Objectivist academic who is Executive Chairman of the Ayn Rand Institute, was confronted by a college student who complained about Chinese worker conditions in sweatshops.
“You sit here in Europe, in your cushy middle-class chairs — I’m serious about this,” Brook lectures the college student. “And you wanna judge the African, or let’s take the Chinese cause that’s … you know an Apple, or an Indonesian so-called ‘sweatshop’ or whatever, and you wanna tell me that two bucks a day is not a dramatic improvement in their life?“ he said. ”It is.”
“And there’s no way for them to get to the point to be as rich as you are, unless they go through that phase,” he said. ”And if you deny them the ability to make two bucks a day, by insisting the companies pay four, and therefore they withdraw completely from the market.”
And York was far from through: “Because you know what?” he continued. “I’m not paying 600 bucks for this. I’ll pay 300 (bucks). And if I stop buying this, who suffers? That Chinese kid, who’s right now making, whatever, three bucks a day or whatever. Right? And his alternative is to go back to the farm and you know what they did on the farms? Forty years ago and the Chinese were all producing agriculture they were dying of starvation. Forty to 60 million Chinese died of starvation under Mao. Suddenly you’ve given them opportunity to actually attain middle-classhood, to learn a skill, to have a profession, to make money to make themselves into something.” You see my point here? You can’t just give people stuff because the market won’t support it. It’s supply and demand… it’s earning what you make that help you succeed, not entitlements.
There has been a historic rollback in global poverty since socialism and communism have decreased across the planet. But if you left it to liberals, communism would rule the world and everyone would be equally destitute except for the ruling class. We would be subject to despotic rule and forced to live and slave in a third-world hellhole. As an economic system, capitalism is the most compassionate as it provides a way and a means for everyone to work and rise up, sometimes to great heights. Communism is repressive… just look at any communist regime on the planet and tell me that isn’t true.
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