Saturday, July 9, 2011

Defense of Capitalism

The French philosopher, Frédéric Bastiat, wrote in 1850 about the law,
See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.

Now some people will argue that Wall Street executives earn many times more than the government employees, but you don’t have to pay for it in taxes. If you don’t like what they make, you can stop doing business with them. Of course, the government will continue to take your money in taxes and give it to them, but you can’t blame them for taking the money the government gives them.

You can call it anything you like, but don’t call it free market capitalism.

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