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5-Minute Videos | PragerU

Is Capitalism Moral?

5-Minute Videos | PragerU

PragerU

Self-improvement, History, Non-profit, Business, Education

4.86.9K Ratings

🗓️ 7 January 2019

⏱️ 5 minutes

🧾️ Download transcript

Summary

Is capitalism moral or greedy? If it's based on greed and selfishness, what's the best alternative economic system? Perhaps socialism? And if capitalism is moral, what makes it so? Walter Williams, a renowned economist at George Mason University, answers these questions and more. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Many people believe that free market capitalism is selfish even in moral.

0:07.3

They say it's about greed, about hunger for money and power, that it helps the rich

0:12.6

and hurts the poor.

0:14.0

They're wrong.

0:15.4

The free market is not only economically superior, it is morally superior to any other way

0:22.7

of organizing economic behavior.

0:25.8

Here's why.

0:27.4

The free market calls for voluntary actions between individuals.

0:32.4

There's no coercion.

0:34.1

In a free market, if I want something from you, I have to do something for you.

0:40.2

Let's say I mow your lawn and you pay me $20.

0:44.1

What does that $20 really mean?

0:46.5

When I go to the grocer and say I would like to have four pounds of steak.

0:51.8

He in effect says to me, you want a lot of people to serve you.

0:57.1

Ranchers, truckers, butchers, and packages.

1:01.4

All these people have to be paid.

1:03.7

What did you do to serve your fellow man?

1:07.1

Well, I say I mowed my fellow man's lawn and the grocer says, prove it.

1:13.5

Then I offer him the $20.

1:16.6

Think of the money that you've earned as a certificate of performance.

1:21.3

It's proof that you've served your fellow man.

1:25.5

People accuse the free market of not being moral because they say it's a zero-sum game,

...

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