Why Capitalism Has an Image Problem

File:Pyramid of Capitalist System.png

Wall Street Journal

Mitt Romney’s résumé at Bain should be a slam dunk. He has been a successful capitalist, and capitalism is the best thing that has ever happened to the material condition of the human race. From the dawn of history until the 18th century, every society in the world was impoverished, with only the thinnest film of wealth on top. Then came capitalism and the Industrial Revolution. Everywhere that capitalism subsequently took hold, national wealth began to increase and poverty began to fall. Everywhere that capitalism didn’t take hold, people remained impoverished. Everywhere that capitalism has been rejected since then, poverty has increased.

Capitalism has lifted the world out of poverty because it gives people a chance to get rich by creating value and reaping the rewards. Who better to be president of the greatest of all capitalist nations than a man who got rich by being a brilliant capitalist?

Yet it hasn’t worked out that way for Mr. Romney. “Capitalist” has become an accusation. The creative destruction that is at the heart of a growing economy is now seen as evil. Americans increasingly appear to accept the mind-set that kept the world in poverty for millennia: If you’ve gotten rich, it is because you made someone else poorer.

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One Response

  1. Mitt Romney your hero? Are you Mormon, or just stupid? This hero bought up companies in trouble. They took this troubled company and went to the bank using its assets to get loans. They used these loans to pay themselves huge management fees that eventually led to the demise of said company. Then they used the American tax code to get additional money from the Government when their investment went tits up! This man took a steal company that was running since the mid 1800’s and destroyed it completely within a two years. Seven hundred and fifty jobs and pensions disappeared like a fart in the wind.

    We need to stop the larceny of our Government. We live in the illusion of democracy. Our Governments the world over are bought and paid for. We need to investigate why nobody went to jail over the 2007 stock market crash. Why were some Wall-Street brokers paid hundreds of millions in bonuses when their investors lost billions?

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