I have over the years given Fox News plenty of criticism Their treatment of Ron Paul, who I think it is pretty clear now was ahead of his time, was terrible. It’s cheering on of the Iraq War was in my opinion not a good thing, to say the least. (Though it must be said that even the other mainstream media outlets pretty much did the same thing.) Fox News is owned by Newscorp, which is headed by Rupert Murdoch, who wrote the above quote in an essay on the morality of capitalism.
I’ve got my problems with Mr. Murdoch, but the attached op-ed is dead on.
Free markets are moral. They are fair. They are just.
And it’s not just a better life for the private equity guys as Murdoch points out, indeed in a free market, without government sponsored and taxpayer funded bailouts, life for the big finance guys would likely be a good deal “worse.”
Free markets give smart people who are willing to work hard and provide a valuable service or product to their fellow humans a chance to succeed, sometimes to become rich. This is in direct contrast to the unending drudgery, slavery, and feudalism humanity has existed in for most of its history. The only people who didn’t live in the muck and mire for millennia were the nobles who were born into advantage. You, the person reading this post, you would most likely be in the field or dead from typhoid.
Socialism is a form of feudalism. The lord is the state and the aristocracy which rises up around the state (usually the already privileged). The serfs are the same people who have always been serfs (in good times) throughout history.
Socialism doesn’t save one from working for the company store. Government just becomes the company store.
(From The New York Post)
Crony capitalism is not capitalism. It’s cronyism. So long as we allow the debate to be framed by people who think the market is efficient because it is based on a human failing, we are going to lose.
The only way to uphold market freedom is to show people that the market doesn’tsucceed because of greed. For the truth is just the opposite.
The market succeeds because it gives people incentives to put their own wants and needs aside to address the wants and needs of others. To succeed, you have to produce something that other people are willing to pay for.