Embracing Greed: The Positive Impact of Capitalism on Our World

Politicians criticize businesses.

“Stop the greed!” exclaims Sen. Bernie Sanders.

Many Republicans also display a lack of understanding.

After some Florida businesses adjusted their prices in response to a surge in demand during a crisis—serving as an effective signal in a free market—state Attorney General Pam Bondi labeled the actions as “sickening . . . disgusting . . . unacceptable!”

Now she holds the position of US Attorney General.

Sen. Josh Hawley criticizes airline CEOs for implementing varying prices for different passengers. “You make it clear,” he scoffed. “Money is your bottom line.”

Well, yes, Senator. That is precisely the CEO’s responsibility.

Regrettably, prominent figures trained in law often fail to grasp the foundational principles that enable capitalism to thrive.

“The only way to achieve profit in business is by delivering value to customers!” asserts Yaron Brook, head of the Ayn Rand Institute.

“Our culture’s greatest issue is the misconception that pursuing your own self-interest equates to villainy . . . this is why socialism is often perceived as morally virtuous and capitalism as evil.”

Ayn Rand was a philosopher who recognized that the wealth of others is a result of entrepreneurs seeking profit. Her perspective has made her the target of intellectual disdain.

Though Rand’s books have sold millions, the media frequently denigrates her outlook.

HBO’s John Oliver poked fun, stating, “Ayn Rand became famous for her philosophy of objectivism, which could simply be interpreted as being a selfish a–hole.”

“Being selfish is not synonymous with being an a–hole,” Brook counters.

It is simply about pursuing “your rational, long-term, self-interest . . . Her philosophy is criticized because it stands in opposition to 2,000 years of thought that insists life’s purpose and morality revolve around suffering and sacrifice.”

I wish lawmakers would comprehend that what they label as entrepreneurial greed is fundamentally responsible for the existence of iPhones, functional cars, 24-hour supermarkets, and many advancements that enhance our quality of life.

While government attempts may be made to create infrastructure, they frequently fall short.

California envisioned a high-speed commuter rail service. Seventeen years and billions of tax dollars later, no trains in sight.

Contrast that with Brightline, a “selfish” private company that constructed a train line connecting Miami to Orlando in just three years, without costing taxpayers a dime.

The private sector consistently delivers improvements that become better and cheaper over time.

TV prices have plummeted by 97% since 1998.

Why would profit-seeking capitalists choose to lower prices?

Because they must.

Unlike government entities, capitalists operate in a competitive market. These driven individuals seek our patronage as well.

The motivation for profit has even played a role in battling racial discrimination.

During the era of Jim Crow laws mandating segregation in Southern states, some profit-minded companies defied these regulations, with one bus company even taking legal action to dismantle Jim Crow practices.

As economist Thomas Sowell pointed out, “Only whites could vote, yet both whites and blacks could provide money.”

“There exists a significant profit incentive,” Brook highlights, “in being the establishment that welcomes everyone into your restaurant . . . In a genuine marketplace, discrimination might arise, but it cannot survive for long.”

Ayn Rand argued that selfishness even enhances our familial love.

“Imagine,” says Brook, “proposing to the woman you intend to marry, ‘I’m not doing this for myself. This is a huge sacrifice.’ She would rightly be taken aback. I cherish my wife for self-interested reasons.”

The phenomenon of corporate greed, kept in check by competition, is a major factor in the decline of global poverty.

For millennia, the majority of people struggled to survive on less than $2 a day. Fifty years ago, thanks to capitalism, that figure was just 35%. Today, it has dropped to only 9%.

While some wealthy individuals have accumulated immense fortunes, so what? The less fortunate have also seen improvements in their economic status.

Steadily, capitalism, by channeling individuals’ self-interest, makes the world a more favorable place.

John Stossel is the author of “Give Me a Break: How I Exposed Hucksters, Cheats, and Scam Artists and Became the Scourge of the Liberal Media.”