As expected, socialism failed when the Pilgrims tried it.

Under socialism, the Pilgrims barely survived. With property rights and personal responsibility, they thrived.

One of many defenses for socialism and its sibling communism is those type of economic arrangements have never been really tried. All previous efforts were partial efforts. You see, if we were to ever try pure socialism or pure communism it would be wonderful and glorious and perfect and utopia on earth. It’s just never been implemented right, you see.

Helen Raleigh explains socialism has been tried in all its purity here in the United States.

And it failed.

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Capitalism is not all about greed. It is about serving others.

[youtube=https://youtu.be/-KmfYLnBlzo]

One of the main Big Lies against capitalism is it consists of is rewarding greed – capitalism is all about greed.

Brooke McIntyre of the Colson Center addresses this lie in her video Is Capitalism All about Greed? Video is embedded at top of this post.

The core lie in that false accusation hides the reality that the only way to make money in capitalism is to satisfy someone else’s need or desire.

Several people want fresh baked pastries in the morning so if you can get up at four in the morning, make donuts, and have them ready for the morning commuter crowd you will make money.

If you can design an app that people enjoy it will make a bunch of money.

If you can handcraft beautiful furniture with a pleasant finish that people enjoy, you will make enough money to live well.

If you can develop software that makes work easier for tens of millions of office workers you will make a fortune.

Video points out three powerful rebuttals to the lie that capitalism is all about greed.

“Taking responsibility for your own interest is not the same as selfishness.”

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Magic of the price signal to change production levels.

Fourteen wells on one pad, located on the southeast side of Williston, N.D. Photo by James Ulvog.

The double black swan of COVID-19 pandemic from the demand side and Saudi Arabia flooding the market from the supply side is creating a sales problem and storage problem for the oil industry.

Regulators in Texas are thinking about about ordering a pro-rate reduction in production. In other words, they are considering giving each producer an order on how much to cut.

North Dakota has no such plans.

North Dakota is planning to rely on capitalism to rapidly adjust production.

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Life in Europe before the Industrial Revolution was dirty and disease-ridden.

Back in the 1820s, the upper class in San Diego had nice furniture but still used chamber pots which had to be dumped in the morning, Photo by James Ulvog.

There is a myth that rural life in the medieval ages before the industrial revolution was, if not good, then at least okay. In fact life then was a battle for survival.

The romantic idea of a plentiful past is pure fantasy – Marian Tupy at CapX – 2/13/19

This series of posts by Marian Tupy was kicked off as a response to one writer who disagreed with the assertion that the portion of people living in abject poverty has declined radically starting about 200 years ago. That particular author gives away his worldview by using Marxist terms. Thus we know why he refuses to acknowledge the existence and cause of rapid increases in wealth over the last 200 years. What, oh what, could have possibly caused that change?

I won’t dive in the to the responses. I will however provide a few tidbits from this article for insight of the severity of poverty in the past.

Prior to the 19th century, most people wore clothes made of wool, which not only itched but was also hard to clean, which increased disease transmission.

Keep in mind that concept of germs did not exist and most people lived under the same roof with their livestock, both to prevent theft and for mutual warmth. The animal droppings were used for fertilizer. All of that shot mortality rates skyhigh.

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What could possibly have caused the increase of income per person over last 200 years?

(Article cross-posted from Outrun Change because a few of the factors necessary for these changes to happen are property rights, economic freedom, and political freedom. In addition, it is capitalism, not socialism or communism that made these changes happen.)

Here is an approximation of annual per capita GDP from 1 AD through 1913:

I’ve long been amazed at the radical growth in per capita wealth over the last 200 years. That means since the Industrial Revolution.

Living in dirt-eating poverty as the normal way of life for essentially every person on the planet changed about 200 years ago, give or take.

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While on a long road trip, what economic system provided the goods and services I needed, when and where I wanted them?

How is it that services are available on the interstate highway system when and where I need them? Image courtesy of Adobe Stock.

I took a road trip from the Los Angeles area to Williston last week. My wife and I drove there with our son and his family.

A few questions came to mind on the trip

Questions

1. What economic system provides a gas station within a few miles of the point that we decided we wanted to fill up the tank?

With four drivers in the car,  we were planning to drive on through the night. We were too tired to do that so we decided to stop for the night.

2. What economic system provides multiple hotels and motels half an hour down the road from where we changed our mind?

3. Furthermore, when we wanted to stop, what economic system provided motels at multiple price points so we could pick the one that fit our price range and taste?

4. Why is it that the motel we choose included a full breakfast for all of us in the price?

5. Why did the motel even have two upgraded lamps on the night stands each with 2 USB charging points and two electrical outlets on the base of each lamp?

Answers

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Here are lots of reasons you really love capitalism

Do you use an iPhone, Android phone, Kindle, Mac, PC, Netflix, YouTube, Amazon, Spotify, Google, Uber, Lyft, Waze, airbnb, FaceBook, Instagram, or Snapchat? Most of us use many of those.

If you like those services, then you really love capitalism.

Why?

Where do you think all those creative, innovative, successful services and companies came from?

The following video points out that every one of those services came

….from entrepreneurs with great ideas and the freedom to test them in the marketplace.

We call that capitalism.

Now consider some other services.

Video asks if you have recently been to DMV, taken a journey through the TSA security grope line, mailed something at USPS, or tried to reach IRS customer support?

Where do those sluggish, unresponsive services come from?

The government.

Why the difference in service levels between those two groups? Video explains the reason:

One needs to satisfy its customers to survive and grow; one doesn’t

Jared Meyer of the Manhattan Institute goes into more detail, explaining Why You Love Capitalism:

 

[youtube https://www.youtube.com/watch?v=SY0V8XVsX1U&w=800&h=450]

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