Why Capitalism is Great: Debunking Capitalism is Bad 101

Why capitalism is great is my response debunking capitalism is bad 101 by @Ryan Hibbs. Much like that of @Viki 1999, @Second Thought, and @Joe Scott, it is painfully clear that a majority of people haven't got the slightest understanding of what capitalism is and is not. Yet again, capitalism gets the blame for the mess we live under today.

In this argument by Ryan Hibbs, he covers why capitalism is bad in his view based on entry-level workers not being paid more, therefore, he describes this as exploitation; his argument on innovation claiming it is secondary under capitalism; claiming that capitalism isn't relative to human nature and the claim that capitalism is bad for society.

As I have addressed, Ryan doesn't comprehend that not only are we living under corporatism but that individuals have responsibility for their own actions. The reason why capitalism is great is that it gets rid of the deadwood and allows room for a newer more efficient industry to come through. The capitalist system rewards success and punishes failure, this results in costs driving down due to competition in the free market and quality driving up.

As a result of living in the absence of the capitalist system we live under an unjust system that rewards failure using socialist subsidies and punishing success, therefore, I can sympathise with the likes of Ryan Hibbs on issues such as this. However, to blame capitalism for the immorally unjust system we live under today is just erroneous.

As I also addressed, economics is not a study that cares about people's feelings, there are consequences for your actions and this is something a great many people misunderstand.

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