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There is a fundamental difference between capitalism and systems such as socialism, communism, fascism and other forms of government-directed economics. That difference is who controls economic life: the individual or the government.
In heavily government-controlled systems, the state assumes increasing authority over the means of production, the distribution of goods, financial markets, investment, and ultimately the economic choices available to individuals. When government controls these functions, individual initiative becomes secondary to government decisions.
Capitalism operates on a fundamentally different principle: economic freedom. Anyone willing to work, take a risk, invest their money, build a business, develop a product, or create something new has the opportunity to benefit from those efforts. Success is rewarded because consumers -- not government officials -- largely determine what succeeds or fails.
Capitalism is certainly not perfect. Businesses can fail, individuals can make poor decisions, and markets can experience cycles of growth and decline. But those imperfections are preferable to placing the economic decisions of millions of people into the hands of government.
The practical question is simple: Who is more likely to understand what people need -- the individual willing to risk his or her own money and effort, or a government bureaucracy spending someone else's money?
Economic freedom gives people an incentive to work, innovate, invest, and improve their circumstances. Government control replaces much of that incentive with regulation, dependency, and centralized decision-making.
History repeatedly demonstrates that when people are free to produce, compete, and succeed, society prospers. When government controls the economy, freedom and prosperity inevitably become government-controlled commodities.
Bill Straesser
Altoona