Understanding Capitalism: Profit, Loss, and the Economic Structure of Society
Description
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the power of economic indicators before introducing Dr. Charles N. Steele.
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.
Profit and loss are economic indicators of the success of our choices. In a free society, responsible choices produce profit while irresponsible actions incur loss.
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