Written by Frank Li
In a previous post (Top 10 American Misconceptions about Democracy), I stated: “Democracy is not a cornerstone of America – Capitalism is!”
So let’s understand America better by understanding capitalism better, shall we?
In this article, I will highlight the top 10 American misconceptions about capitalism.
Misconception 1: Capitalism is evil
Capitalism is not evil! Capitalism is the best thing that ever happened to mankind! Capitalism creates unprecedented prosperity!
Misconception 2: Capitalism is not working
Capitalism works wherever it is allowed, even in “Communist China”!
It was capitalism that propelled the West ahead of China about 200 years ago (America: What is China, Anyway?). It is capitalism that has got some 500 million Chinese out of abject poverty over the past three decades, in a fashion totally unprecedented in human history!
Misconception 3: Capitalism is perfect
Capitalism is imperfect! While we all should embrace free market and trickle-down economics, crony capitalism must be condemned and crony capitalists like Bernie Madoff must be brought to justice.
Misconception 4: Capitalism is great for everyone
Unlike democracy (i.e. one person, one vote) which treats people equally, capitalism treats you differently according to your ability (and luck). For more, read: Politics & Economics: Pyramid Theory I.
Over the past 200 years, the U.S. has produced more millionaires and billionaires than everywhere else in the world, combined! Three examples: Thomas Edison, Henry Ford, and Steve Jobs. They worked hard, obtained fantastic results, and were richly and fairly rewarded!
Today, despite all its problems, the U.S. remains the best on earth as the “Land of Opportunity.”
Misconception 5: Blame the top 1% for the bad U.S. economy
Do not blame the top 1% – Join them! Want to have a good life? Work for it, or go without! For more, read: America: A Nation of Self-Made Men (and Women)!
Misconception 6: Occupy Wall Street was legitimate
Occupy Wall Street was communistic, although we might have some sympathy for many occupiers who were victims of a moribund economy. Specifically,
Who caused the bad U.S. economy? Democracy, as we know it today! For example, the real culprit behind the housing bubble that burst in 2008 was, and still is, Community Reinvestment Act.
What’s the solution? As a start, term-limits for the top political offices, with the American Presidency being one term! For more, read: Saving America, Chinese Style.
Where is the right place to protest? Washington D.C.! Our politicians fiddling with free market capitalism caused the Great Recession!
Misconception 7: Blame capitalism for the bad U.S. economy
Do not blame capitalism! Rather, blame democracy, as we know it today!
Here is a relevant quote: “Democracy is the road to socialism”. Who said it? Karl Marx (The Communist Manifesto’s Road to Socialism through democracy)!
Misconception 8: Capitalism cannot be destroyed
Capitalism will not self-destruct. Socialism, the arch-rival of capitalism, will destroy it. Socialism can happen not only via communism but also via democracy. As a matter of fact, the latter looks more and more like the former (Saving America, Chinese Style) …
Misconception 9: Capitalism and democracy go hand in hand
Capitalism was, and still is, the cornerstone of America. Democracy is merely a nice-to-have luxury. America can no longer afford this luxury – Democracy, as we know it today, has been crushing capitalism in America!
China has no democracy, yet capitalism is working well over there.
Bottom line: “The political system does not matter, as long as it embraces capitalism” (Saving America, Chinese Style).
Misconception 10: American capitalism is finished
Despite all the problems, America leads the world in capitalism, by leaps and bounds.
Unfortunately, American democracy has been destroying American capitalism faster and harsher than any other forces. As a result, unless American democracy is seriously reformed soon, it will destroy America, as spectacularly as communism destroyed China!
For more, read my book: Saving America, Chinese Style.
