In Defense of Capitalism

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

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

He adds: “We have more than doubled our life expectancy. We have dramatically increased the quality of our life and we are wealthier than anybody could have imagined.”

Stossel interjects: “Made possible by private property and capitalism -- which people hate."

“Every priest, every philosopher, every mother, has taught us that to be selfless is good,” replies Brook. “Doing for others is fine – but only if that’s what you want.

Brook, who bases his philosophy on the ideas of author Ayn Rand, adds: “doing for others is fine – but only if that’s what you want.

Stossel pushes back: “Lots of us see morality as helping other people.”

“Ayn Rand was never against charity,” Brooks says. “What she said was that was not the major virtue in life and that you should voluntarily have a choice about who you help and who you don't.”

He adds: “The key is that somebody else's need is not a moral claim against your life. Your life is yours.”

[Paul-uefo]

It's the land of opportunity.
Not the land of outcomes.

[jefferydebbink]

I’m a millennial and I love capitalism!

[norsefalconer]

Actual Capitalism is good. Legal Monopolies and Capitalizing on Capitalism (aka Income taxes) is not.

[chriswright]

Without any of my influence I found my teens (14 boy & 13 girl) watching your content separately. This is great. Thank you for your hard work. It is very appreciated.

[ConstitutionalHero]

Im a millennial and a constitutionalist I truly believe in capitalism. Equal opportunity does not mean equal outcome nor should it.

[AndTheCorrectAnswerIs]

Those marching and screaming for more socialism seldom give anything of their own to help their fellow man except their self righteous outrage. They want "someone else" to give. Someone else is "the rich". The rich are "anyone more successful than me". So Socialism is NOT altruistic...it is selfish. These people are demanding that "someone else" pick up the tab for the moral burden they themselves are unwilling to help carry.

[thefrugallibertarian]

Thank God for capitalism. It's made my life better.

[iamslightlybetterthanyou]

It's immoral to be smarter than me

[MissTomi]

"We can no longer tolerate a system where the rich get richer and the poor get also richer."

[scott]

Capitalism isn’t perfect but it’s the best system known to man.

[melainewhite]

"Nobody should have 3 houses (except me)." - Bernie Sanders

"More people should have 3 houses." - carpenter with 20yo pickup

[richardcorwin]

People who speak against the free market are the ones who don't pay attention to history. Thank you John fpr reinforcing the message!

[legenden]

Capitalism is good just monopoly needs to be removed.

[billyusher]

Oh God I'm 4 seconds in and I already see the BBC talking about the "super rich". As a British citizen, I can safely say that I cannot wait to leave this country.

[DarkMice]

But but how else will Democrats get people to vote for them?!

[mikenyc]

I wish more people recognized the truth in the claims in this video.

[absi]

Thanks to Capitalism and usa. I could move out of poverty.

[huehue]

I would prefer socialism if I was in the ruling party. Imagine being the only fat person in your country.

[chaos]

"The trouble with socialism is that eventually you run out of other peoples money."

~Margaret Thatcher

[mikewviolin]

I'm totally on board. Until monopolies, backed by lobbyists from big tech and pharma get their claws in government to make it impossible to compete. We need more anti-trust laws, which keeps people able to compete. They did that with the oil barons in the 1800s and worked good. Need that for tech, banks, and big health companies.