Capitalism is an economy based on decentralized private ownership of resources and open markets; “based on” means that private ownership rights are acknowledged and respected. Most members of society must feel a duty to respect the private rights of others. Ownership rights must be exercisable without fear, ridicule, or disrespect from other members of society. An economic system that is forced on people will not perform as would one to which there is general assent.
-Harold Demsetz (From Economic Man to Economic System)
Unfortunately, I believe that respect for Capitalism has been declining for quite some time and I blame its success for it. Folks like AOC and the rest of her ilk are always throwing shade at it and extolling the virtues of Socialism. People listen without understanding that Capitalism is only an economic trading system. Our Constitutional representative republic is a separate form of governance is meant to protect our Individual Liberties and Rights. And Civil Society was to take care of Charity.
Over time, and from the machinations of Progressive/Socialists, we see the blurring of what used to be sharp delineations between the legs of this stool.
In Socialism/Communism, there is no distinction at all – everything is tied up in one entity. And that is a situation in which The State MUST be in charge and the individual is demoted to a position where their only worth is how they can serve The State. The Bigger the Government, the smaller the citizen.
Unfortunately, our education system so badly sucks, and these budding proto-nomenklatura/neo-aristocracy have no real experience with how socialism/communism works, we’re on that highway to hell that Meat Loaf used to sing about. You are merely a slave by some other name.
(H/T: Cafe Hayek)
