My essay “Fundamental Insights into the Benevolent Nature of Capitalism” is now available to the general public for 99¢ as a Kindle Book on Amazon.com.
Here are the leading points of my essay:
· An Explanation of What Capitalism Is
· Based on a Foundation of Individual Freedom, Capitalism Provides both Economic Security and Physical Safety
· How Capitalism Provides a Continuing Increase in the Supply of Natural Resources
· How Production and Economic Activity Improve Man's Environment
· The Division of Labor and the Fundamental Harmony of Interests
· The Uniformity-of-Profit Principle: Consumer Control over Production and Its Progressive Increase
· How Private Ownership of the Means of Production Benefits the Non-Owners
· How the Institution of Inheritance Benefits the Non-Heirs
· How in the Building of Great Industrial Fortunes, One Man's Gain Is also All Other Men's Gain
· How Economic Competition Is the Opposite of the "Law of the Jungle" and Instead Is the Basis of the Survival of All
· How Economic Inequality Is Essential for Successful Economic Competition by the Less Able
· Short-Run Losses
· How Capitalism, So Far from Being an "Anarchy of Production," Is in Fact a System of Thorough-Going Economic Planning, in which the Planning of Every Individual Is Coordinated and Harmonized by the Price System
· Why Socialism Represents the Prohibition of Economic Planning by Everyone except a Handful of Government Officials Who Make Planning their Monopoly and then Are Incapable of Planning
· While Socialism Is the System of Monopoly, Capitalism Is the System of Freedom and Free Competition
· Why Profit, Not Wages, Is the Original and Primary Form of Labor Income
· Why the Self-Interest of Employers and of Buyers in General Is Not to Pay the Lowest Price or Wage but the Lowest Price or Wage that Is Simultaneously too High for Competitors
· How Capitalism Is a System of Progressively Rising Real Wages, the Shortening of Hours, and the Improvement of Working Conditions
· A 100%-Reserve, Precious-Metals Monetary System Would Make a Capitalist Society both Inflation-Proof and Deflation/Depression-Proof
· Neither Capitalism nor Its Growing Production Is the Cause of Depressions
· Depressions Are the Result of Credit Expansion Followed by Credit Contraction
· Saving and Capital Accumulation Do Not Reduce the Rate of Return under Capitalism
George Reisman, Ph.D.
The Capitalist Professor
Author: Capitalism: A Treatise on Economics and other titles
Pepperdine University Professor Emeritus of Economics
Website: www.capitalism.net
Blog: http://georgereismansblog.blog...
On Twitter @GGReisman