Rank nations according to whether they are closer to the capitalism end or the communism end of the economic spectrum. Then rank nations according to human rights protections. Finally, rank nations according to per capita income. Without question, citizens of those nations closer to capitalism enjoy a higher standard of living and a far greater measure of liberty than those in nations closer to communism.
— Walter Williams, from “Academic Elites” in The Schwartz Report, Volume 47, Number 5, May, 2007
The policy issue is whether our goal as a society should be higher incomes for all or less disparity between incomes—countries almost never achieve both.
— David Malpass, quoted by Michael Goodwin on foxinews.com
The history of capitalism as it has operated in the last two hundred years in the realm of Western civilization is the record of a steady rise in the wage earners’ standard of living. The inherent mark of capitalism is that it is mass production for mass consumption directed by the most energetic and far-sighted individuals, unflaggingly aiming at improvement. Its driving force is the profit motive, the instrumentality of which forces the businessman constantly to provide the consumers with more, better, and cheaper amenities. An excess of profits over losses can appear only in a progressing economy and only to the extent to which the masses’ standard of living improves. Thus capitalism is the system under which the keenest and most agile minds are driven to promote to the best of their abilities the welfare of the laggard many.
— Ludwig von Mises, quoted in The Problem with Socialism by Thomas DiLorenzo, kindle location 1879
Healthy capitalism isn’t governed by the law of the jungle, where the strong destroy the weak. As long as there’s scarcity, there will always be competition, but in a market economy marked by the rule of law, stealing, fraud, slavery, and kidnapping won’t be the typical way to get ahead. Instead, most people will try to meet the needs and wants of consumers. And everyone is a consumer. The logic of competition in a market is not about destroying enemies. It’s about serving consumers better than your competitors. Where prices can roam freely, goods, services, and information will generally be well distributed. In fact, for this purpose the market has no known competitors.
— Jay Wesley Richards, from Money, Greed, and God, kindle location 1354
It’s no accident that a capital market has never arisen indigenously in any non-Christian country.
— Daniel Lapin, quoted in How Christianity Changed the World by Alvin Schmidt, kindle location 4543
For a market to work right, people need private property. That includes not just our stuff, but our labor, our time, and our ideas. So a society that respects private property must have laws against theft, fraud, kidnapping, and slavery. (Slavery is, among other evils, stolen labor.)
— Jay Wesley Richards, from Money, Greed, and God, kindle location 1193
A free market doesn’t guarantee that everyone wins in every competition. Rather, it allows many more win-win encounters than any alternative.
— Jay Wesley Richards, from Money, Greed, and God, kindle location 1173
Those who condemn the immorality of liberal capitalism do so in comparison with a society of saints that has never existed—and never will.
— Martin Wolf, quoted in Money, Greed, and God by Jay Wesley Richards, kindle location 570
What we now know is that market economies work because they allow wealth to be created, rather than remaining a fixed pie. Economies need not be zero-sum games in which someone wins only if someone else loses. We have discovered an economic order that creates wealth in abundance—capitalism. And only the creation of wealth will reduce poverty in the long run.
— Jay Wesley Richards, from Money, Greed, and God, kindle location 173
Capitalism—unlike socialism and totalitarianism—leaves room for the development and maintenance of a multiplicity of ideas, institutions, and ways of life.
— Os Guinness, from Fit Bodies, Fat Minds, p. 51