Capitalism: Misunderstood

Blog Summary

In "Capitalism: Misunderstood," published by the Financial Policy Council on October 20, 2020, Ziad K. Abdelnour addresses common misconceptions about capitalism. He aims to clarify that capitalism, contrary to some portrayals, does not foster inequality but generates opportunities for all to prosper. Abdelnour provides a detailed examination of how capitalism stimulates economic growth, innovation, and efficiency, arguing that it is the most effective system for distributing resources and improving standards of living. The blog is a robust defense of capitalist principles, suggesting that misunderstandings about the system stem from its misrepresentation rather than its inherent flaws.

Blog Content

Capitalism is often a misunderstood economic concept. People are so stuck on that old timey capitalism that they aren’t willing to see just how capitalism has evolved over time and can bring solutions to a lot of America’s problems. I hear all of these crazy misconceptions thrown around about capitalism all of the time. So I’ve taken the opportunity to debunk some of these popular capitalism misconceptions.

There is only one form of capitalism: There are multiple types of capitalism, the two main types being crony capitalism and conscious capitalism. Crony capitalism is what has left many people scarred. These are power hungry nuts, that don’t care about anyone but themselves. The goal for them is not to build wealth, it’s to gain power and control. On the other hand, conscious capitalism is not about a power trip. It’s about building wealth, creating freedom and empowering others to do the same. Many people fail to realize that conscious capitalism exists, this is why it has become my mission to change that. I want people to know that capitalism doesn’t have to be negative for society and it is actually the way to solve a lot of problems that we have in the US.

Capitalism will only serve to make the rich richer: Despite popular belief, capitalism is not only a rich man’s game. In fact, capitalism is the only economic setup that will allow people of ANY status to create their own wealth. As long as you’re willing to get out and compete, you can create your own opportunities. Not to mention, capitalism naturally creates job opportunities and keeps our economy revitalized. It becomes a pattern: entrepreneurs go out and create new opportunities, they hire others to help their business thrive who then in turn are inspired to create their own opportunities and hire people to help their business and so on and so forth. You have wealth being rapidly generated and more employment opportunities than ever before. Everyone that’s willing to get out there and put in the effort will ultimately make money.

Capitalism is an old way of thinking: Couldn’t be further from the truth. The beauty in capitalism is that it is a constantly evolving practice. It allows people the freedom to get creative and find new solutions to both old and new issues that our country faces. It is a way for the people to make an impact on the world rather than sitting back and letting the government control everything. It allows for collaborative efforts to find real solutions. Naturally, there is a trial and error process, but this is what allows for effective problem solving. At the end of the day, if you’re one track minded and stuck in your ways, capitalism will be difficult for you. Because it is forever evolving, it requires a certain level of adaptation and ingenuity.

Capitalists are greedy pigs: There is no doubt that some capitalists are very greedy and selfish, but that’s a personal issue and has nothing to do with capitalism itself. In fact, real conscious capitalists strive to spread wealth and empower others to be able to build financial freedom. I think a major issue is that people have become too entitled and expect things to be handed to them. Since capitalism doesn’t offer any handouts, people assume it’s because capitalists want the wealth all to themselves. However, this is not the case at all. At the end of the day, you have to work if you want to get the reward. Why? Because the more people give to you, the more they expect back and ultimately you lose your freedom.

So, yes, it’s true. Capitalism isn’t just about grumpy, old men looking to rule the world. Capitalism is about wealth creation, empowering others and most importantly freedom! Capitalism provides opportunity for any and everybody to build wealth and live the lifestyles that they want. So it’s time to stop looking to the government for a handout and go create your own opportunities because this is your way to achieving real freedom for you, for your family and for all.