You may wonder why I call myself the Left Coast Capitalist. The left coast part should be obvious, I live in California. What is Capitalism? Everyone seems to know the answer, since Capitalism is getting all the blame for the economic mess we're in today, and for every mess we've been in since the Great Depression. This couldn't be further from the truth. I will demonstrate this in my next several posts.
The title of this post comes from a book by Ayn Rand. This book is an excellent introduction into the meaning and virtues of Capitalism. (Additional recommended books for those wanting a deeper understanding of the issues of today are listed at the right.) From her book, Ayn Rand defines Capitalism as follows:
"Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned."
Further:
"The recognition of individual rights entails the banishment of physical force from human relationships: basically, rights can be violated only by means of force. In a capitalist society, no man or group may initiate the use of physical force against others. The only function of the government, in such a society, is the task of protecting man’s rights, i.e., the task of protecting him from physical force; the government acts as the agent of man’s right of self-defense, and may use force only in retaliation and only against those who initiate its use; thus the government is the means of placing the retaliatory use of force under objective control."
Sound vaguely familiar? Try the Declaration of Independence:
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed."
Government's sole function is to protect the rights of individual citizens. Now, by contrast, here's where we've been headed for at least the last 80 years:
"Socialism is the doctrine that man has no right to exist for his own sake, that his life and his work do not belong to him, but belong to society, that the only justification of his existence is his service to society, and that society may dispose of him in any way it pleases for the sake of whatever it deems to be its own tribal, collective good." (Ayn Rand, "For the New Intellectual")
"The essential characteristic of socialism is the denial of individual property rights; under socialism, the right to property (which is the right of use and disposal) is vested in “society as a whole,” i.e., in the collective, with production and distribution controlled by the state, i.e., by the government." (Ayn Rand, "The Virtue of Selfishness")
In a free, Capitalist society, where people go about their business without interfering with the rights of others, the purpose of Government is to protect individuals from physical force or fraud by domestic criminals, or attack from foreign agressors. That's it. No government role in education, health care, delivering letters, bailing out car makers, etc. The government has no right to tax the citizens for the purpose of giving money to those who didn't earn it.
Next: why is Capitalism the only moral social system.
"The recognition of individual rights entails the banishment of physical force from human relationships: basically, rights can be violated only by means of force. In a capitalist society, no man or group may initiate the use of physical force against others. The only function of the government, in such a society, is the task of protecting man’s rights, i.e., the task of protecting him from physical force; the government acts as the agent of man’s right of self-defense, and may use force only in retaliation and only against those who initiate its use; thus the government is the means of placing the retaliatory use of force under objective control."
Sound vaguely familiar? Try the Declaration of Independence:
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed."
Government's sole function is to protect the rights of individual citizens. Now, by contrast, here's where we've been headed for at least the last 80 years:
"Socialism is the doctrine that man has no right to exist for his own sake, that his life and his work do not belong to him, but belong to society, that the only justification of his existence is his service to society, and that society may dispose of him in any way it pleases for the sake of whatever it deems to be its own tribal, collective good." (Ayn Rand, "For the New Intellectual")
"The essential characteristic of socialism is the denial of individual property rights; under socialism, the right to property (which is the right of use and disposal) is vested in “society as a whole,” i.e., in the collective, with production and distribution controlled by the state, i.e., by the government." (Ayn Rand, "The Virtue of Selfishness")
In a free, Capitalist society, where people go about their business without interfering with the rights of others, the purpose of Government is to protect individuals from physical force or fraud by domestic criminals, or attack from foreign agressors. That's it. No government role in education, health care, delivering letters, bailing out car makers, etc. The government has no right to tax the citizens for the purpose of giving money to those who didn't earn it.
Next: why is Capitalism the only moral social system.
Left Coast Capitalist
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