THE SOCIAL GOOD
Capitalism’s critics unable to land a punch, let alone deliver a knockout
Allegations are heaped on an ill-defined system while the role of massive government restrictions is overlooked
Capitalism is such a despised and derided term that I often dissociate myself from it. Cowardly? Perhaps. But I don’t think there is anything necessarily wrong with my view. Humans adjust to the world around them and identify themselves with terminology that creates a positive association. As my friend Russ Lamberti says, (paraphrasing): "People are never convinced by an idea if they think it makes them less morally appealing." I’d rather associate with freedom of choice, open and honest ideas, the efficiency of markets and the beauty of networks than "cold-hearted capitalism". That being said, I’ve observed the term "capitalism" being blamed for noteworthy societal ills. Given that I dissociate myself from the term, my initial impulse is to take a step back and try to understand the foundations of the blame. I’ve discovered a chasm between the definition of the term and the broad allegations heaped on it. Yuval Noah Harari in his otherwise wonderful book, Sapiens, falls into the sa...