Where Have All The Capitalists Gone?


Where have all the capitalists gone?
Long time passing
Where have all the capitalists gone?
Long time ago
Where have all the capitalists gone?
Useful idiots have attacked them every one
When will they ever learn?
When will they ever learn?

What is unsatisfactory with present-day academic conditions – not only in this country but in most foreign nations – is not the fact that many teachers are blindly committed to Veblenian, Marxian, and Keynesian fallacies, and try to convince their students that no tenable objections can be raised against what they call progressive policies; the mischief is rather to be seen in the fact that the statements of these teachers are not challenged by any criticism in the academic sphere. The pseudoliberals monopolize the teaching jobs at many universities. Only men who agree with them are appointed as teachers and instructors of the social sciences, and only textbooks supporting their ideas are used. The essential question is not how to get rid of inept teachers and poor textbooks. It is how to give the students an opportunity to hear something about the ideas of economists rejecting the tenets of the interventionists, inflationists, socialists, and communists. Ludwig von Mises

Richard M. Salsman recently wrote an excellent column, Where Have All The Capitalists Gone?, at Forbes blog. I encourage everyone to read the entire article. He gives an answer to why capitalism keeps getting attacked in spite of the deep and dark record of human misery that socialism produces every time it is tried. The answer is that opponents of capitalism agree with the supporters that capitalism is the most productive of all economic models. They are opposed to it because it is morally evil.

So the ones from Karl Marx thru Barack Obama who most people think of as examples of people who have not tried to force their religious belefs on anyone are in fact doing exactly that. They are using the argument that the God of a state controlled economy is not as productive as capitalism, but it is morally superior because it eliminates the right to be selfish and greedy that capitalism cultivates.

It never ceases to amaze me how many useful idiots there are who pine for the good ole days of a plantation feudal society. They scream about how evil those rich people are for being so greedy, and they are unable to recognize the worse evil they are exhibiting, ENVY. This human condition has been present from the brother Cain in the Book of Genesis to present day. I think market competition does correct for anyone who gets too greedy. Mr Salsman concludes his column with this conclusion:

Persistent animosity toward capitalism today rests on moral, not practical grounds. Unless rational self-interest is understood as the one moral code consistent with genuine humanity, and the moral estimate of capitalism thus improves, socialism will keep making comebacks, despite its deep and dark record of human misery.

Cross-posted at The Minority Report