In this edition of "This Week in Economics with Robert Wenzel," I discuss why capitalists are the wrong people to expect to save capitalism. This might be the most important podcast that I have released to date.
The podcast version is here.
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-RW
Short version: Because globalist corporations are not capitalists.
ReplyDeleteNot anything close to what I said in the podcast.
DeleteI thought the title was provocative but somewhat confusing. A capitalist is by definition a supporter of capitalism. A better title might be: Why Businessmen Will Never Save Capitalism. I agree it is an important topic. Your example of a basketball player was a bit strained. The athletic talents that help to make them good players (eyesight, leg strength, etc.) while important is not the same as understanding the game of basketball. And understanding the game, the system, can make them super players and super supporters of the game. All players even the super players know they have a limited time as a player but none would try to offer themselves as eye or knee experts. Businessmen are in a different category. Because the physical demands are less they can be businessmen their entire adult life. And the better they understand capitalism, the more successful they can be. But competition and luck can destroy their success. So if they achieve success they inevitably look for ways to preserve and protect that success from the never ending competition that is part of capitalism. While capitalism offered them opportunity when they were young, energetic and new, it offers a constant challenge to survive which becomes more difficult as they grow older. Capitalism becomes the enemy. von Mises observed that capitalism makes consumers king and that would make businessmen their servants. It seems unreasonable to expect servants to support a system that constantly challenges their position and future in that system. As consumers, we should all be supporters of capitalism.
ReplyDeleteThe better they understand capitalism?
DeleteYou missed the entire point of the podcast--and on several other levels such as attacking free markets inevitably leads to a lower standard of living for all.
Indeed, you seem to have the same problem that capitalists have in understanding capitalism.
Really? So the point of the podcast wasn't Why Capitalists Won't Save Capitalism. Perhaps a new title would be appropriate. The reality is that attacking free markets or capitalism leads to a lower standard of living for many but not all. Some can and have gained wealth and power in their lifetime by attacking capitalism. My point is you need more than capitalism if you are going to rally people to support free markets and protect capitalism from thieves and liars. And the best group to logically help do that are consumers.
Delete"So the point of the podcast wasn't Why Capitalists Won't Save Capitalism"?
DeleteI really have no idea how you can reach that conclusion. You need to listen to the podcast again and take notes.
Sorry for the confusion. I was speculating with my own answer to the question. Your podcast observation that schools are not teaching free market capitalism is of course correct. We have ended up with many SJW CEO's. CEO's you apparently identify as miseducated "capitalists" unable to defend capitalism. I wouldn't call them capitalists but I agree they are not able to defend capitalism. And I agree people who are successful within the system of capitalism are not necessarily able to support capitalism. Your suggestion that we need deep thinkers to inform influencers to spread the ideas of free market capitalism is a strategy you pursue quite well. But free market capitalism is a hard taskmaster and businessmen will always be looking for a way to protect their success. And despite the inherent dangers, the state has been a powerful tool to protect themselves from competition. Perhaps it would be helpful to focus on selling capitalism to people in their role as consumers, not so much in their role as businessmen. On a deeper level, people need to understand that the state is based on stealing, and stealing is wrong even when the abstention from stealing means the failure of your business.
DeleteRW, A great x-ray of the State, it's foundation, the power incentive, and it's venality. One of your most important talks. Michael, http://The/REBT.life
ReplyDelete