In the column, “Economic Miracle,” Walt Williams eloquently illustrates how Capitalism works in our daily lives in very simple way through a grocery store. With Obama trying to force Keynesian economics morphed with full-blown Socialism, so many are saying Capitalism is outdated and is the problem. Obama, actually, said, “Capitalism is cruel and chaotic.” Then, he continued that the government needed to intervene to improve the system and stop this injustice. This is absolutely wrong in so many ways.
Williams explains very well that not one person or government, not even the Almighty Obama or Ingenious Geithner, can control the millions of variables in an economy the size of America. The reason the U.S.S.R. and so many other Socialist economies collapse is that the central planning government can not control every outcome in their economy and eventually can not meet the needs of all the people. Therefore, they could not generate enough capital, resources, goods, and wealth for it to sustain their people. This is why Communist China instituted key Capitalist principles to generate enough wealth, resources, and goods to try to sustain their people. That is why the U.S.S.R had waiting lines for toilet paper and bread and still did not have enough, although they had more than enough land and timber to make both.
The issue that Liberals, Progressives, Socialists, and the like have with Capitalism is that, first, they do not, cannot, and shall not have control of everything or anything in the economy. The People do. The people that are active in the economy do the controlling, not the government. Second, the system makes people work, succeed, fail, and there is a definite result based upon the people’s actions. It works. It works without government. The people make it work. It works with freedom and liberty. All of this is the antithesis of what Liberals and Progressives believe.
Now, who would want to institute an economic system that does promote freedom, liberty, wealth, success, and definite results? Liberals and Progressives. Who wants to be a part of this type of system? Obviously, not Americans. That is why they are marching in the streets.
Capitalism is organized and just, not chaotic and unjust. In the column, Williams quotes Adam Smith, as follows:
“Adam Smith, the father of economics, captured the essence of this wonderful human cooperation when he said, "He (the businessman) generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. ... He intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain." Adam Smith continues, "He is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. ... By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it." And later he adds, "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest."
The debate will always be how much intervening the government shall or can meddle into a capitalist economy; however, the People will always want a free Capitalistic system as a base, not an oppressive Socialistic one. The People will always choose freedom over oppression. The problem today is the People do not understand enough about economics to understand how bad Socialism is and how great Capitalism is, especially when times are hard like now. The People don’t understand the oppression of Socialism and the freedoms of Capitalism. Our educational system has failed our country, our principles, and our forefathers. That is for another discussion for another day.
We must spread the word of the greatness of country and our freedom, liberties, and wealth to anyone who will listen. We need to educate them how and why our great economy works and why Socialism is so wrong. We need to take a lesson from Walt Williams and break economics down to something as simple as a can of tuna.