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Fundamental Insights into the Benevolent Nature of Capitalism
This essay, which also appears as the lead essay in the Kindle collection THE BENEVOLENT NATURE OF CAPITALISM AND OTHER ESSAYS, explains all of the following essentials about capitalism:
•What Capitalism Is
•Based on a Foundation of Individual Freedom, Capitalism Provides both Economic Security and Physical Safety
•How Capitalism Provides a Continuing Increase in the Supply of Natural Resources
•How Production and Economic Activity Improve Man’s Environment
•The Division of Labor and the Fundamental Harmony of Interests
•The Uniformity-of-Profit Principle: Consumer Control over Production and Its Progressive Increase
•How Private Ownership of the Means of Production Benefits the Non-Owners
•How the Institution of Inheritance Benefits the Non-Heirs
•How in the Building of Great Industrial Fortunes, One Man’s Gain Is also All Other Men’s Gain
•How Economic Competition Is the Opposite of the “Law of the Jungle” and Instead Is the Basis of the Survival of All
•How Economic Inequality Is Essential for Successful Economic Competition by the Less Able
•How Capitalism, So Far from Being an “Anarchy of Production,” Is in Fact a System of Thorough-Going Economic Planning, in which the Planning of Every Individual Is Coordinated and Harmonized by the Price System
•Why Socialism Represents the Prohibition of Economic Planning by Everyone except a Handful of Government Officials Who Make Planning their Monopoly and then Are Incapable of Planning
•While Socialism Is the System of Monopoly, Capitalism Is the System of Freedom and Free Competition
•Under Capitalism, Becoming a Sole Supplier Requires Producing at a Lower Cost and Price than Anyone Else
•How Capitalism Is a System of Progressively Increasing Real Wages, the Shortening of Hours, and the Improvement of Working Conditions
•Why Profit, Not Wages, Is the Original and Primary Form of Labor Income
•Why the Self-Interest of Employers and of Buyers in General Is not to Pay the Lowest Price or Wage but the Lowest Price or Wage that Is Simultaneously too High for Competitors
•Neither Capitalism nor Its Growing Production Is the Cause of Depressions
•Depressions Are the Result of Credit Expansion Followed by Credit Contraction
•A 100%-Reserve, Precious-Metals Monetary System Would Make a Capitalist Society both Inflation-Proof and Deflation/Depression-Proof
•What Capitalism Is
•Based on a Foundation of Individual Freedom, Capitalism Provides both Economic Security and Physical Safety
•How Capitalism Provides a Continuing Increase in the Supply of Natural Resources
•How Production and Economic Activity Improve Man’s Environment
•The Division of Labor and the Fundamental Harmony of Interests
•The Uniformity-of-Profit Principle: Consumer Control over Production and Its Progressive Increase
•How Private Ownership of the Means of Production Benefits the Non-Owners
•How the Institution of Inheritance Benefits the Non-Heirs
•How in the Building of Great Industrial Fortunes, One Man’s Gain Is also All Other Men’s Gain
•How Economic Competition Is the Opposite of the “Law of the Jungle” and Instead Is the Basis of the Survival of All
•How Economic Inequality Is Essential for Successful Economic Competition by the Less Able
•How Capitalism, So Far from Being an “Anarchy of Production,” Is in Fact a System of Thorough-Going Economic Planning, in which the Planning of Every Individual Is Coordinated and Harmonized by the Price System
•Why Socialism Represents the Prohibition of Economic Planning by Everyone except a Handful of Government Officials Who Make Planning their Monopoly and then Are Incapable of Planning
•While Socialism Is the System of Monopoly, Capitalism Is the System of Freedom and Free Competition
•Under Capitalism, Becoming a Sole Supplier Requires Producing at a Lower Cost and Price than Anyone Else
•How Capitalism Is a System of Progressively Increasing Real Wages, the Shortening of Hours, and the Improvement of Working Conditions
•Why Profit, Not Wages, Is the Original and Primary Form of Labor Income
•Why the Self-Interest of Employers and of Buyers in General Is not to Pay the Lowest Price or Wage but the Lowest Price or Wage that Is Simultaneously too High for Competitors
•Neither Capitalism nor Its Growing Production Is the Cause of Depressions
•Depressions Are the Result of Credit Expansion Followed by Credit Contraction
•A 100%-Reserve, Precious-Metals Monetary System Would Make a Capitalist Society both Inflation-Proof and Deflation/Depression-Proof
25 pages, Kindle Edition
First published February 25, 2015
11 people are currently reading
22 people want to read
About the author
George Reisman
36 books41 followersGeorge Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996; Kindle Edition, 2012), The Government Against the Economy; Warren Buffett, Class Warfare, and the Exploitation Theory; The Benevolent Nature of Capitalism and Other Essays; Labor Unions, Thugs, and Strom Troopers; and, most recently, Piketty's Capital: Wrong Theory/Destructive Program. His website is capitalism.net. His blog is georgereismansblog.blogspot.com. See his Amazon.com author's page and follow him on Twitter @GGReisman.
Dr. Reisman is married to Edith Packer, J.D., Ph.D., a clinical psychologist, with whom he lives in Laguna Hills, California.
He was personally a student of Ludwig von Mises, whose NYU seminar he attended for eight years and under whom he obtained his doctorate in economics in 1963. He is the translator of von Mises's Epistemological Problems of Economics (New York: D. Van Nostrand, 1960). From1957 until her death in 1982, he was an associate of Ayn Rand.
Dr. Reisman is married to Edith Packer, J.D., Ph.D., a clinical psychologist, with whom he lives in Laguna Hills, California.
He was personally a student of Ludwig von Mises, whose NYU seminar he attended for eight years and under whom he obtained his doctorate in economics in 1963. He is the translator of von Mises's Epistemological Problems of Economics (New York: D. Van Nostrand, 1960). From1957 until her death in 1982, he was an associate of Ayn Rand.
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Displaying 1 of 1 review
June 2, 2016
I can't even...
I think this nutter wants to build a time machine to travel back to his delusional concept of 1750-1850. Reading him is like sitting in on a Dombey and Son board meeting.
I think this nutter wants to build a time machine to travel back to his delusional concept of 1750-1850. Reading him is like sitting in on a Dombey and Son board meeting.
Displaying 1 of 1 review