A great 4-point memorization in order to respond to water-cooler discussions about our economic system, 4 Criticisms & 10 Virtues of Capitalism:
4 Common Criticisms of Capitalism include:
(1) “It’s all about Greed.” (Capitalism is not about greed. Greed is fundamentally a matter of the human heart, not of any economic system. There are greedy socialists and communists too.)
(2) “The Rich Get Richer at the Expense of the Poor” (Capitalism is not a zero-sum game. In market economies, wealth is not static, but is constantly being created. Though 3 billion worldwide remain in poverty, capitalism has lifted 4 billion out.)
(3) “Capitalism leads to overconsumption & materialism” (Materialism is hardly unique to capitalist cultures. No one is more materialistic than a socialist.)
(4) “It makes people unequal.” Said another way, “It creates winners and losers” or “Some have a lot, some have a little.” In other words, “Capitalism leads to inequalities in wealth” (Having a lot is not wrong. The possession of wealth is not wrong, but the means of accumulating it may be. These objections assume there is something fundamentally wrong with inequality. I’m no Kobe Bryant or Michael Phelps, but I’m okay with our unequalness. People have different gifts and abilities. People invest different effort and diligence. God does not hate inequality, but rather injustice and oppression.)