RECOMMENDED READING: “THE CAPITALIST MANIFESTO”
By John Ingrisano on Aug 21, 2008 in Recommended Reading
If you’re a true entrepreneur, or just a hard-and-fast capitalist, you need to read Andrew Bernstein’s The Capitalist Manifesto: The Historic, Economic and Philosophic Case for Laissez-faire. This truly amazing book documents in page after page of facts, why statism (socialism, Nazism, communism, and just do-gooder intrusive government) fails every time, and why the freer the economic system, the more prosperous the country.
The Capitalist Manifesto leaves no doubt that it is the producers, the hard workers, the capitalists who bring about prosperity, while statists do nothing more than feed off those who produce wealth and, in the end, destroy the system itself.
Most of all, it turns on its head some things we once assumed to be true. Example: The Industrial Revolution did not impoverish men, women, and children in England. On the contrary, though it was a harsh system, with awful working conditions, it was a step up from the grueling, hopeless poverty of rural England of the time.
Another example: Capitalism does not call for a lack of law or a dog-eat-dog way of life. Instead, it protects individuals and their rights. Writes Bernstein: ”A hallmark of capitalism is a rule of law that protects private property, safeguards investments and enforces contracts. The fundamental moral principle upon which capitalism is based is that individuals have inalienable rights and that governments exist solely to protect those rights. Capitalism requires the limiting of governmental power to maximize the freedom of the individual.”
These are just some of the documented ideas Bernstein presents. Check out The Capitalist Manifesto. It’s well worth the read.
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thinkingSage | Aug 22, 2008 | Reply
The “grueling, hopeless poverty of rural England” was caused in no small part by the Enclosure Movement, which took all the land in the Commons and created private property for already-wealthy men out of it. You could no longer just live off the land, you needed money — a wage — to survive.
This strikes me as a worrisome historical whitewashing, but then again, I’m a far-cry from Libertarian. I will certainly give this book a read — if only to critique it thoroughly.
thinkingSage | Aug 22, 2008 | Reply
“the book relies on Ayn Rand’s Objectivism as a moral and philosophical framework within which to evaluate and understand capitalism”
That’s not good. I would not trust a rocket scientist who cited Aristotle’s model of the universe, nor do I trust an economist who cites Rand (and indeed, is a strong supporter of her theories).
John Ingrisano | Aug 22, 2008 | Reply
Dear Thinking Sage:
I agree that there were many causes of poverty in England. However, the fact is that poverty was the general and accepted norm for most of England’s and the world’s history for centuries. It was when capitalism appeared — and only then — that poverty began to be reduced for the general population. And wherever capitalism has been able to be planted and take root, the general economic condition of the populace has flourished.
As for your objection to Ayn Rand, I think you need to explain exactly what that objection is. I have found that the primary objection to Rand is not so much what she proposes, but the way she states her case: Greed is good, for example, can be fairly inflamatory. When followed through to their logical conclusions, however, most if not all her views prove reliable.
As a capitalist and a Christian, I see no incompatibility between the two. I give generously of my own free will (and, yes, I suppose this also makes me feel good about myself, so it is in my own self-interest) and cherish (most of, at least) my fellow man. However, the best way to show that love of others is not to give them a crumb from my table, but to build a solid business and hire them to work for a wage they honestly deserve. And as a wealthy capitalist, also, I can then donate many thousands or millions of dollars to charitable causes…if I choose.
JRI