When you hear the word “Capitalism”, what do you think? Most of you probably have negative feelings towards that word. Makes sense…there is a constant media drumbeat of how terrible a system it is. How it exploits the masses to the benefit of the wealthy. How did that come to be?
I’ve got news for you, you have been brainwashed. I don’t really like that word. It doesn’t really reflect the true meaning. Its use was coined by socialists disparaging the economic system of private property. And let me tell you, what we have today is not the true meaning of the word. Crony capitalism would be more appropriate.
So, what is it really? The term I prefer is: free enterprise. What does that mean? It has the word “free” in it. It means that as a sovereign individual of the universe I am free to engage in any business interest I desire to provide the necessities of life for me and my family. I accept the risk of either the profit or loss due to that interest. I provide a service to society either by producing a product, providing a service or by my labor. But the decision is mine to make, not some authority. It is a system based on the spontaneous formation of individuals interacting for their benefit. It is not a system ‘designed’ by any individual or government.
Socialist philosophy states that the government owns the means of production. There is no private property. Some authority decides what you get to do, what to produce and how much. I don’t know who has that knowledge but I can assure you the government does not. No one does. Whether we realize it or not, we all rely on the “market” for information on what service we provide, how much to produce and what prices to charge. That “market” is the collective decision of millions of individuals. So, even though we use one word to describe the economic machine that underpins society, it is dispersed knowledge.
But there are also moral underpinnings to the notion of a market. In classically liberal philosophy (definitely not today’s definition of ‘liberal’!), the individual is sovereign. But that implies the individual must respect the rights of other individuals. If you are a witness to creation, you respect all life, not just the life some authority tells you to respect. This means if you are going to produce a product or provide a service, you can’t just do anything you want to the planet or to people. You can’t just focus on the short term. You have to keep in mind not only your long term health but also of the planet and all its inhabitants. Remember, we are not separate, but part of a greater, truly miraculous whole.
