Are you young? Do you support the environment? Is being socially conscious and involved in community important to you? If you are, you practice capitalism. Probably you see big government as an impediment to getting ahead, reaching your goals. Do you think that’s wrong? Follow me for a few lines and perhaps come to agree? So, let me ask you a few questions. https://www.prageru.com/video/why-you-love-capitalism/
Recognizing and meeting a new need
Think about Uber. Just a few years ago, summoning a private driver in a few minutes was unheard of. Getting someone who would take you where you wanted to go was truly a service available only to the wealthiest people. But now, thanks to… say it with me, that’s right; capitalism, private rides are an affordable option for people all over the world.
Until Uber, if it started to rain, say in Manhattan and you wanted a grab a cab, good luck. There were too many rain-drenched people and too few cabs. Uber had a better idea. Rain falls. Demand for rides spikes up. Raise prices to incentivize more Uber drivers to hit the road. Ride-in-the-rain problem solved. Guess what that’s capitalism at work making your life just a little sweeter.
Technology creates new products capitalism recognizes new needs?
Think about Airbnb. Only a few years ago, if you were going on vacation with your friends or family, hotels were just about your only option. But hotels are expensive. Often they don’t provide all that much in terms of space, amenities, or interesting neighborhoods. So, If you wanted to find out if individual homeowners were making their homes or apartments available for a few nights, you had to scour internet postings.
Enter Airbnb. It gives giving anyone with a computer or smartphone access to over 2 million homes in 190 countries. You can find places with hot tubs and pools. If you’re on a tighter budget, you can rent a room, or even just a couch.
Does government recognize new needs?
Government never could have done these things. What motivation would it have to do so? How would it even know we wanted services like Uber or Airbnb? We didn’t know it, until risk-taking entrepreneurs made it possible. Thanks to capitalism. And no thanks to government which, more often than not, just gets in the way. Think about that.
Why is the world this way? Well, because the government’s knee-jerk reaction is to regulate and control everything it can regulate and control. Otherwise, what would be the purpose of all those government agencies and all those bureaucrats? Yes, I know government does impose and collect taxes. That’s another fun rant. Actually more than one rant…
What does government do?
Cities across the world are putting up barriers to slow down or shut down services like Uber and Airbnb. Rulemaking may be the only area where the government shows creativity. Economic growth has the best chance of happening in the absence of that rulemaking.
As economist Adam Thierer explains it this way. The internet was able to develop in a regulatory climate that embraced what he calls permission less innovation. Sounds a lot like freedom has something to do with making money. This approach to regulating allows entrepreneurs to meet their customers’ needs. It means they don’t have to first ask government… mother may I?
To wrap it all up with a big bow; almost everything you enjoy using is a product of capitalism. Almost everything you can’t stand is a product of big government. So, do you support capitalism? Of course you do. You practice it every day. It’s time to recognize things for what they are. It is time to preach capitalism.