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Some Basics Of Capitalism And Socialism And Implications For Human Liberty, Morality, And Fairness, John Garen
Some Basics Of Capitalism And Socialism And Implications For Human Liberty, Morality, And Fairness, John Garen
Institute for the Study of Free Enterprise Working Papers
This essay outlines the big-picture aspects of capitalism and socialism, and uses this overview to discuss human liberty and economic liberty in each system. Additionally, I note that some have argued that capitalism is unfair or immoral and so I consider three specific and common moral standards in this regard. They are: (i) “From each according to his ability, to each according to his needs;” (ii) “People should get what they earn;” and (iii) “’Agreement without conformity’ or ‘conformity without agreement.’” Capitalism is centered on individual rights and private ownership, while socialism awards decision-making powers to government. The former is …