Is Capitalism Just
According to the Columbia Encyclopedia, Capitalism is a system of laissez-faire; an economic system based on private ownership of means of production (lands, mines, etc. ... Adam Smith, a frustrated forefather of capitalism, wrote The Wealth of Nations which outlines the laissez-faire doctrine. ... It came to be then, that the Industrial Revolution marked the beginning of modern day Capitalism. If the question is posed, “Is Capitalism Just?”, the question of the definition of ‘just’ must also be answered. ... So, phrased another way, the question of whether Capitalism is fair, upright and honest can be posed. There are supporters of the notion that Capitalism is not fair, upright, or honest. In fact, they stand by their belief that Capitalism promotes greed, which in turn destroys the society in which Capitalism is meant to thrive. Their alternative to Capitalism is Socialism. ... Pro-Socialists consider Capitalism a greedy economic model. ... Additionally, pro-socialists claim that Capitalism promotes corruption within our political system. ... Capitalism is supposed to be cemented in the fact that government is not a factor in the economic aspect of our society. ... If Capitalism is to blame for the above stated problems, then certainly it is not functioning in a manner that is just. Pro-Socialists also claim that Capitalism promotes an uneven distribution of wealth. ... However, how does this support Socialists claim that Capitalism is not just? ... However, “as Capitalism develops, more and more capital is required to enter the market. ... While pro-socialists use this as a supporting argument, I contend that it does not support the notion that Capitalism is not just. In her book, Capitalism: The Unknown Ideal, author Ayn Rand states the following in regards to Capitalism, “The moral justification of capitalism lies in the fact that it is the only system consonant with a man‘s rational nature, that it protects man’s survival qua man, and that it’s ruling principle is: justice. ... A system based on the idea that a man is not free to improve his economic situation, that the product of his labor is not his is not a system that can be considered just. ... Capitalism is the only system which protects a man’s right to receive that reward.