Account for the unrivaled success of market capitalism

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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There are a number of reasons why market capitalism has been more successful than any other economic system.  I would argue that the two most important of these are:

  • Capitalism fulfills (to the greatest extent possible) people's material desires.  We all know that people are materialistic; they want things.  In capitalism, if we want something and can afford it, we can have it.  There is no government or traditional authority telling us we can't have it.
  • Capitalism fulfills people's emotional desires as well.  People want to get the benefit of their hard work.  If they are talented and they work hard, they want to be rewarded.  Capitalism rewards these things by (in general) giving us a higher standard of living in exchange for our hard work.