Yaron Brook: In Defense of Capitalism

Progressives attack capitalism because it lets some become very rich while others stay poor.

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Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez call such a system “immoral.”

But Yaron Brook, chairman of the Ayn Rand Institute says the opposite is true.

He points out that the poor were much poorer before capitalism: “We have basically made about $2 a day for 100,000 years. In other words ... we could eat what we farmed and that was it,” Brook tells me. “And then something amazing happened about 250 years ago.”

Around that time, a few countries tried capitalism. For the first time, people were allowed to profit from private property. That changed everything.

Brook explains: “250 years ago we suddenly discovered the value of individual freedom. We suddenly discovered the value of leaving individuals free to think, to innovate, to produce without asking for permission, without getting the state to sign off on it and we call that the industrial revolution. We got much, much, much richer and it's hard to imagine how much richer we got ... electricity, running water, the things we all take for granted today, but we didn't have 150 years ago ... and yes, some people complain about inequality, but everybody got richer. Even the poor got richer.”

[alabamauz]

Big, centralized systems of government always look good on paper, unless that paper is in a history book.

[charlestruppi]

My daughter went to college and became very liberal. One summer she went to work as a waitress at a high end restaurant. By all feedback she was a favorite waitress of the regular diners and often received the largest tips. They begged her to go back when she was home for winter break but she refused because the restaurant pooled tips and paid them out equally to all the servers. She thought that was unfair and had a tough time reconciling the fact that she was a capitalist because of this attitude and it was ok to want the $ that she earned. She now is a professional and totally understands and accepts this.

[RabidNemo]

The problem now is that we're not really in a capitalist system we've slipped into an oligarchy. When you have the government bailing out businesses and saying they're too big to fail while allowing companies like alphabet Incorporated to become a Monopoly you have a big problem

[darthhodges]

It is interesting how those who hate capitalism also hate monopolies, but think they can get what they want by creating/strengthening the most unbreakable monopoly of all, government.

[azuth]

Yaron Brook is brilliant.

There is a clip of him lecturing a group of college students and he holds up a smart phone. He points out that everyone loves the smart phone. Then he says to imagine if the Government declared that only they can provide smart phones and to imagine how the phone would look and work. The phone would be bulkier, uglier, slower, less battery, less features, and yet somehow more expensive. He holds up his smart phone and says that none of the students would trust the Government with this, but you would trust them with education and health care, which are much more important.

Edit: chanrged "iphone" to "smart phone" because of of apple hate I guess.

[DianeMerriam]

One day, when my son was about 8, we were getting ready to go over to a friend's house. He asked me if he *had* to share his Hot Wheels with a kid in the neighborhood there that was always taking and breaking other kids' stuff. It was one of those OMG, what do I say, moments. Almost every parent tells their kids that they have to share things. But I thought he was responsible enough to start making his own decisions on that. So I carefully told him that he did not *have* to share his toys with anyone if he didn't want to. They were his. Then I reminded him that others weren't likely to share their things with him if he didn't share with them. I left it at that. He never had a problem actually sharing with others before or since, but he realized that I would back him up on what was and wasn't his and that I trusted him enough for him to make his own decisions on it. That was very important.

[plumtiger]

John, you're the only journalist who I know is for something and will play devil's advocate for the entire interview. You are truly a gem in the Lost world of journalism. You allow us to see the truth for ourselves. Do NOT stop! We need this!

[jessecuster]

Atlas shrugged proves that envy and resentment will destory countries better than any weapon in history

[licata]

Ayn Rand, who grew up under communism(socialism on steroids), and Thomas Sowell are 2 authors everyone should read to understand basic economics.

[NokoPilot]

Anyone who believes in Marxism, Communism, etc. simply just doesn't understand basic economics. Kudos to the excellent content, John.

[Rajaat]

Voluntary giving is moral and good. The government forcing people to give is immoral and evil.

[Radeo]

"Do not hide behind such superficialities as whether you should or should not give a dime to a beggar. That is not the issue. The issue is whether you do or do not have the right to exist without giving him that dime. " - Ayn Rand

[damnsurfer]

The best example of selflessness that *he's talking about. When you fly on an airplane, the flight attendant instructs you to “put your oxygen mask on first, ” before helping others. Why is this an important rule for ensuring survival? Because if you run out of oxygen yourself, you can't help anyone else with their oxygen mask. You can help more people if you get yourself together first.

[porterwake]

I prefer to have a big choice in products I buy rather than the products the government chooses I can

[motekm]

“Why do we both say, ‘thank you’?” So perfect.

[recoveringnewyorker]

In my 31+ years in American industry many of my coworkers thought I was independently wealthy. Why? Because I managed my money better than they did. Rather than going to McDonald’s or Dunkin’ Donuts for coffee, I brought my own from home. Rather than going to the food truck for breakfast I made my own at home. Rather than having Whoppers or Big Macs for lunch I brown bagged it. Rather than buying namebrand and convenience foods at the grocery store I bought store brands. Rather than going out to eat 2, 3, 4 nights a week, I cooked at home, and I’m rather good at it! I didn’t smoke 2 packs of cigarettes a day and consume a 6 pack of beer (or 2) every night. Because of my money management skills I was able to purchase new (or almost new) vehicles for my family rather than banged up P.O.S.s. I was able to take my family out to eat at decent restaurants 3 to 4 times a year. With season passes I was able to take my family to Disney World 5 to 6 times a year. But whenever my coworkers saw my “good fortune“ they’d say “WELL! WE KNOW WHO’S MAKIN’ ALL THE MONEY NOW!” A few even made the accusation that I was on “some secret company payroll” because there was no way I could have “all that” earning the same hourly wage they did.

[boxcarbandit]

“History began on July 4, 1776. Everything that happened before that was a mistake.” - Ron Swanson

[John_II]

Mr. Stossel, your brand of journalism is an international treasure.

[Thereminator]

"It only stands to reason that where there's sacrifice, there's someone collecting the sacrificial offerings. Where there's service, there is someone being served. The man who speaks to you of sacrifice is speaking of slaves and masters, and intends to be the master."

- Ayn Rand

[sidwhiting]

"Voluntary transactions create wealth."
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If schools would just teach that concept and children would learn it along with all that it implies, the world would be a far, far better place than the hotbed of envious crap we have today.