Understanding Capitalism: Human Nature and the Cost of Choice
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Understanding Capitalism: Human Nature and the Cost of Choice
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About this listen
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan introduce the course "Understanding Capitalism."
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Capitalism depends upon property rights, sound money, the freedom of exchange and choice, and the rule of law. Within these conditions, capitalism has produced greater human flourishing for more people than any other economic system.
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