Wednesday, October 20, 2010

The Ethics Underpinning Socialism and Capitalism

The ethical basis for economic philosophies:

Socialism: People have a right to the wealth they create/produce.

Capitalism: The richest have a right to the wealth others create/produce.

In the latter case, the more wealth one owns, the more wealth one can in turn purchase (via mere investment) without producing any. This is why free market capitalism is a self-devouring, unsustainable system.