Tuesday, November 14, 2017

Capitalism and Competition

Richard Ebeling emails:

Dear Bob,

My new article on the website of the Future of Freedom Foundation is on, “Capitalism and Competition.”
Market competition is the engine for innovation, cost-efficiency and opportunity for human betterment. But listening to the critics of capitalism, you would think that
competition is one of the main sources of social evil in the world.

The emergence of freer, more competitive societies over the last several centuries broke the bonds of government regulation, restriction, and control over people’s lives. People were at greater liberty to find work were they chose, to start businesses and produce as they thought best, and freely enter into mutually agreed contracts and associations.

Market-based competitive opportunities, therefore, liberated humanity from tyranny and opened the door to incentives to make a living by devising ways to make more, better and new goods at lower costs and prices, resulting in improved conditions for all over the long run.

Market competition is also the institutional arrangement that enables multitudes of suppliers and demanders to come together and bring about coordinated balance between all they do in the processes of exchange. It acts as the guide and mechanism for entrepreneurial creativity and product improvement in the pursuit of profits and the avoidance of losses, based on the demands of all of us in society in our roles as consumers.

Market competition is the center of a free society and its material and cultural improvements for mankind.




  1. ─ Market competition is the center of a free society and its material and cultural improvements for mankind. ─

    Except when people stop buying "American" or hire foreign labor, in which case free markets must be replaced with patriotic protectionism that responds to jingoistic affirmations about America's greatness.

  2. What about this...