Shaun Kenney | Politics and Religion in Virginia's Public Square


Monday, August 04, 2008 Jonah Goldberg: The Spoiled Children of Capitalism Excellent op-ed on the virtues of capitalism: The interesting question isn't 'Why is there poverty?' It's 'Why is there wealth?' Or: 'Why is there prosperity here but not there?' At the end of the day, the first answer is capitalism, rightly understood. That is to say: free markets, private property, the spirit of entrepreneurialism and the conviction that the fruits of your labors are your own. For generations, many thought prosperity was material stuff: factories and forests, gold mines and gross tons of concrete poured. But we now know that these things are merely the fringe benefits of wealth. Stalin built his factories, Mao paved over the peasants. But all that truly prospered was misery and alienation. A recent World Bank study found that a nation's wealth resides in its "intangible capital" — its laws, institutions, skills, smarts and cultural assumptions. "Natural capital" (minerals, croplands, etc.) and "produced capital" (factories, roads, and so on) account for less than a quarter of the planet's wealth. In America, intangible capital — the stuff in our heads, our hearts and our books — accounts for 82 percent of our wealth. Great food for thought, and worth digesting in the next event you are ever approached with questions about the gap between rich and poor. posted by Shaun Kenney \| 8/04/2008 07:30:00 PM \| 2 comments 2 Comments: At 11:39 PM, Doogman said... The title and context of this post constitute spectacular irony. At 12:09 AM, Shaun Kenney said... C'mon Doog -- you gotta read the actual op-ed to get the full irony. :) Post a Comment Home
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