Does it make money, that’s the only question that Capitalism cared about. Not, does it help or hurt people? Is it good for the environment? Is it sustainable?
Capitalism asks, Is GDP growing fast enough? Is the Stock Market going up? It does not ask, What is in GDP? Is it good or bad? What does it mean for the well-being of people when the Stock Market goes up?
Here is an example from a very successful economics textbook. The author, Paul Samuelson, used this example in the many editions of his textbook from 1949 to 1980 and “educated” millions of students with it.
“Goods go where there are the most votes or dollars. A rich man’s dog may receive the milk that a poor child needs to avoid rickets. Why? Because supply and demand are working badly? No. Because auction markets are doing what they are designed to do – putting goods in the hands of those who can pay the most, who have the most money votes. Defenders and critics of the price mechanism should recognize this fact” (Economics, 1964, page 42).
With sentiments like, “Crippled children? Oh. Too bad. They just didn’t have enough money.” is why an autopsy of Capitalism failed to find any sign of a heart.
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